GTA new home sales keep pace in July - Low-rise, 905 area sales up 120 per cent



    TORONTO, Aug. 19 /CNW/ - Total new home sales in the Greater Toronto Area
during July remained on par with July, 2008, however sales of low-rise
(single-detached, semi-detached, town-homes) surged an amazing 120 per cent
while high-rise condo sales fell 44 per cent, Stephen Dupuis, President and
CEO of the Building Industry & Land Development Association (BILD), announced
today.
    The monthly sales tracking by RealNet Canada Inc. on behalf of BILD
reveals a grand total of 3,119 new home sales in July, comprised of 1,829
low-rise units (59%) and 1,290 high-rise units (41%).
    "What a difference a year makes," Dupuis declared, noting that in July,
2008, roughly 3 out of every four new homes sold were high-rise condos,
primarily in the City of Toronto, while in July, 2009, consumer preference has
shifted overwhelmingly towards low-rise homes in the 905 communities.
    Dupuis attributed the general improvement in the new home market to a
combination of pent-up demand, improved consumer confidence, and super-low
interest rates adding that homebuilders have sharpened their pencils to cut
costs and margins to the bone. "The result has been a dramatic increase in
overall value and the big winner is the new homebuyer," he stated.
    As for the shift towards low-rise, 905 area sales, Dupuis noted that the
market is re-balancing following 2-3 years of quite elevated high-rise housing
demand.

    
    -------------------------------------------------------------------------
    July        Low Rise             High Rise              Total
    -------------------------------------------------------------------------
    Region     2008  2009 % Change  2008  2009 % Change  2008   2009  %Change
    -------------------------------------------------------------------------
    Durham     116    217   87.1%     13     2  -84.6%    129    219   69.8%
    -------------------------------------------------------------------------
    Halton     216    307   42.1%     86    30  -65.1%    302    337   11.6%
    -------------------------------------------------------------------------
    Peel       155    432  178.7%    219    73  -66.7%    374    505   35.0%
    -------------------------------------------------------------------------
    Toronto     47     84   78.7%  1,913 1,040  -45.6%  1,960  1,124  -42.7%
    -------------------------------------------------------------------------
    York       297    789  165.7%     65   145  123.1%    362    934  158.0%
    -------------------------------------------------------------------------
    GTA        831  1,829  120.1%  2,296 1,290  -43.8%  3,127  3,119   -0.3%
    -------------------------------------------------------------------------
    Jan-July 9,341  9,147   -2.1% 10,450 5,408  -48.2% 19,791 14,555  -26.5%
    -------------------------------------------------------------------------
    Source:  RealNet Canada Inc.
    

    With more than 1,400 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: Cynthia Breen, Manager, 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