High-rise condo sales up 20 per cent in February



    TORONTO, March 19 /CNW/ - Sales of new high-rise condominium suites in
the Greater Toronto Area were up a very healthy 20 per cent in February,
Michael Moldenhauer, president of the Building Industry & Land Development
Association (BILD), revealed today.
    According to RealNet Canada Inc., there were 2,562 new homes and condos
sold across the GTA in February compared with 2,727 sales in February, 2007.
While the high-rise market was up by 20 per cent, the low rise
(single-detached, semi-detached, town-homes) market was off by an equivalent
amount (19 per cent). The 58/42 per cent weighting of low- to high-rise sales
resulted in a 6 per cent decline in total sales year/year.
    "Considering the absolutely nasty weather we experienced during the first
two months of this year, new home sales have weathered the storm quite nicely,
particularly on the high-rise side," Mr. Moldenhauer said.
    Moldenhauer noted that the explanation for the surging high-rise market
is the same as the explanation for the lagging low-rise market -
affordability. "According to the RealNet New Home Price Index, it will cost
you $57,000 less to get into the high-rise market, where the price index
currently sits at $375,000, compared with the low-rise market where the price
index is at $432,000," said Moldenhauer.

    
    -------------------------------------------------------------------------
                            Low Rise                      High Rise
    -------------------------------------------------------------------------
    Region         February  February     %      February  February      %
                     2007      2008    Change       2007      2008    Change
    -------------------------------------------------------------------------
    Durham           304       248     -18.4%        10        12      20.0%
    -------------------------------------------------------------------------
    Halton           357       241     -32.5%        16       122     662.5%
    -------------------------------------------------------------------------
    Peel             526       236     -55.1%        74        59     -20.3%
    -------------------------------------------------------------------------
    Toronto           91        80     -12.1%       693       744       7.4%
    -------------------------------------------------------------------------
    York             563       690      22.6%        93       130      39.8%
    -------------------------------------------------------------------------
    GTA            1,841     1,495     -18.8%       886     1,067      20.4%
    -------------------------------------------------------------------------


    ------------------------------------------
                              Total
    ------------------------------------------
    Region         February  February     %
                     2007      2008    Change
    ------------------------------------------
    Durham           314       260     -17.2%
    ------------------------------------------
    Halton           373       363      -2.7%
    ------------------------------------------
    Peel             600       295     -50.8%
    ------------------------------------------
    Toronto          784       824       5.1%
    ------------------------------------------
    York             656       820      25.0%
    ------------------------------------------
    GTA            2,727     2,562      -6.1%
    ------------------------------------------
    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:

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


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