First quarter new home sales down 62 per cent



    TORONTO, April 20 /CNW/ - New home sales in the Greater Toronto Area were
down 55 per cent in March, compared with March 2008, contributing to a 62 per
cent decline in first quarter new home sales, Stephen Dupuis, President and
CEO of the Building Industry and Land Development Association (BILD) revealed
today.
    According to RealNet Canada Inc., there were 1,457 new homes and condos
sold in March versus 3,203 last March. The 55 per cent decrease was driven by
a dramatic fall-off in high-rise condominium sales which were down 77 per cent
from last March. Low-rise sales (single-detached, semi-detached and townhomes)
fared better, relatively speaking, declining 27 per cent from March, 2008
    Through the first three months of 2009, low-rise sales are down 50 per
cent while high-rise sales are down 75 per cent, resulting in the 62 per cent
decline in total sales. On a unit basis, first quarter sales declined from
7,688 last year to 2,961 this year.
    In a word, the first quarter results were "dismal," said Dupuis, noting
that the 4,727 unit decline in sales will be directly reflected in reduced
construction employment down the road. "There's still a fair amount of
residential construction activity currently underway as the industry builds
pre-sales from 2008 and earlier, however housing starts will inevitably
decline by the same percentage as sales," he said.

    
    March         Low Rise               High Rise              Total
    -------------------------------------------------------------------------
                           %                      %                      %
    Region  2008   2009  Change   2008   2009   Change    2008   2009  Change
    -------------------------------------------------------------------------
    Durham   239    237   -0.8%     11      7   -36.4%     250    244   -2.4%
    -------------------------------------------------------------------------
    Halton   231    232    0.4%    126      8   -93.7%     357    240  -32.8%
    -------------------------------------------------------------------------
    Peel     243    223   -8.2%    134     40   -70.1%     377    263  -30.2%
    -------------------------------------------------------------------------
    Toronto   78     34  -56.4%  1,419    317   -77.7%   1,497    351  -76.6%
    -------------------------------------------------------------------------
    York     626    317  -49.4%     96     42   -56.3%     722    359  -50.3%
    -------------------------------------------------------------------------
    GTA    1,417  1,043  -26.4%  1,786    414   -76.8%   3,203  1,457  -54.5%

    YTD    4,111  2,052  -50.1%  3,577    909   -74.6%   7,688  2,961  -61.5%
    -------------------------------------------------------------------------
    Source: RealNet Canada Inc.
    

    With more than 1,400 member companies, BILD is the voice of the land
development, home building and professional renovation industries in the
Greater GTA. BILD is proudly affiliated with the Ontario and Canadian Home
Builders' Associations.




For further information:

For further information: Cynthia Malagerio, Manager of Communications,
(416) 391-3450 or (416) 951-4081, communications@bildgta.ca; Stephen Dupuis,
President, Chief Executive Officer, (416) 391-3453 or (416) 948-8654,
sdupuis@bildgta.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890