All-time record set - New condos selling like hotcakes



    TORONTO, Dec. 21 /CNW/ - In a year of firsts for the new condominium
market, another record was set last month as sales of new condos exceeded the
20,000 unit threshold for the first time ever, Bob Finnigan, president of the
Building Industry and Land Development Association revealed today.
    With another 2,243 high-rise condominium suites sold in November (up
35 per cent over November, 2006), new condo sales for the first 11 months of
2007 have reached 22,059 units and BILD is projecting approximately
23,000 sales to year end, smashing the previous record of 17,561 units sold in
2005.
    "New condos are basically selling like hotcakes, it's as simple as that,"
said Finnigan. Condo sales are up 32 per cent through the first eleven months
of 2007, driving a 14 per cent increase in total new home sales. "The year
2007 will go down as the year of the condo," Finnigan declared.
    "This year also marks the first-time that high-rise housing sales have
outstripped low-rise (single-detached, semi-detached, town-home), with an
astounding 52 per cent of all sales being high-rise in form," Finnigan added.
    Finnigan attributed the market transformation primarily to the relative
affordability of condominiums compared to low-rise homes. "The RealNet new
home price index for new low-rise homes rose 6.8 per cent in the last year and
currently sits at $430,000 while the high-rise price index rose 8.6 per cent
to $347,000. The $83,000 price advantage for condominiums goes a long towards
explaining the strength of the high-rise housing market," he said.
    With respect to the year over year price increases, Finnigan felt they
were healthy enough to reward buyers and investors but modest enough when
transaction costs are taken into account to preclude speculation.

    
    -------------------------------------------------------------------------
    Region        Low Rise             High Rise              Total
    -------------------------------------------------------------------------
           Novem   Novem          Novem   Novem          Novem   Novem
            -ber    -ber     %     -ber    -ber    %      -ber    -ber    %
            2006    2007  Change   2006    2007  Change   2006    2007 Change
    -------------------------------------------------------------------------
    Durham   223     213    -4%      14      10   -29%     237     223   -6%
    -------------------------------------------------------------------------
    Halton   390     272   -30%      16      26    63%     406     298  -27%
    -------------------------------------------------------------------------
    Peel     412     283   -31%     313      73   -77%     725     356  -51%
    -------------------------------------------------------------------------
    Toronto   87      88     1%   1,197   1,929    61%   1,284   2,017   57%
    -------------------------------------------------------------------------
    York     506     635    25%     117     205    75%     623     840   35%
    -------------------------------------------------------------------------
    GTA    1,618   1,491    -8%   1,657   2,243    35%   3,275   3,734   14%
    -------------------------------------------------------------------------
    Total
     YTD  20,525  20,412    -1%  16,705  22,059    32%  37,230  42,471   14%
    -------------------------------------------------------------------------
    

    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:

For further information: Stephen Dupuis, Chief Executive Officer, (416)
391-3453 or (416) 948-8654, sdupuis@bildgta.ca


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