Condo sales reach new heights in July

    TORONTO, Aug. 22 /CNW/ - There were more new condos sold in the Greater
Toronto Area in July than in any month so far this year and condos climbed to
the highest monthly market share ever witnessed in the GTA market, Michael
Moldenhauer, president of the Building Industry & Land Development Association
(BILD), revealed today.
    There were 3,135 new homes and condos sold in the Greater GTA in July,
bringing total new home sales (January-July) to over 20,000 units of future
construction.
    Nearly three out of every four (73 per cent) units sold in July were
high-rise condo suites, which is a truly astounding number. "We thought it was
remarkable when monthly condo market share reached into the high 50 per cent
range last year so this new high is particularly noteworthy," said
Moldenhauer.
    Moldenhauer acknowledged that the above-average high-rise market share
was in part a reflection of much lower than average low-rise new home sales,
which he attributed to a general lack of new low-rise housing supply in the
market. "The low-rise land supply in the Greater GTA is very tight and
developers are finding the approvals process for bringing new low-rise land on
stream to be exceedingly slow," Moldenhauer added.-------------------------------------------------------------------------
               Low Rise             High Rise               Total
    July
    ---------------------    %     ------------    %    -------------    %
                          Change                Change                Change
    Region   2007   2008           2007   2008           2007   2008
    -------------------------------------------------------------------------
    Durham    344    108  -68.6%     29     11  -62.1%    373    119  -68.1%
    -------------------------------------------------------------------------
    Halton    331    213  -35.6%     49     92   87.8%    380    305  -19.7%
    -------------------------------------------------------------------------
    Peel      484    156  -67.8%    154    223   44.8%    638    379  -40.6%
    -------------------------------------------------------------------------
    Toronto   105     51  -51.4%  2,316  1,894  -18.2%  2,421  1,945  -19.7%
    -------------------------------------------------------------------------
    York      906    322  -64.5%    342     65  -81.0%  1,248    387  -69.0%
    -------------------------------------------------------------------------
    GTA     2,170    850  -60.8%  2,890  2,285  -20.9%  5,663  3,135  -44.6%
    -------------------------------------------------------------------------
    Jan-
     July  14,160  9,631  -32.0% 13,842 10,723  -22.5% 28,002 20,354  -27.3%
    -------------------------------------------------------------------------

    Source: RealNet Canada Inc.With more than 1,500 members, BILD, formed through the merger of the
Greater Toronto Home Builders' Association and Urban Development
Institute/Ontario is the voice of the land development, home building and
professional renovation industry in the Greater Toronto Area. BILD is proudly
affiliated with the Ontario and Canadian Home Builders' Associations.

For further information: Cynthia Malagerio, Manager of Communications,
[phone] or [phone], [e-mail]; Stephen Dupuis,
Chief Executive Officer, [phone] or [phone], [e-mail]