March new condo sales rise high, up 34 per cent



    TORONTO, April 18 /CNW/ - There were 4,014 new homes and condominiums
sold in the Greater Toronto Area in March, up 15 per cent year over year,
driven by a whopping 34 per cent increase in high-rise condominium suite
sales, Bob Finnigan, president of the homebuilding industry and land
development association (GTHBA-UDI), announced today.
    According to RealNet Canada Inc., the association's independent source of
new home market information, more than half of all new homes sales in March
were high-rise with exceptional condo sales in York Region and Toronto driving
the overall market to a very solid Q1 performance.
    "The first quarter of this year has been as erratic as the weather but
ended on a decidedly positive note," said association president Bob Finnigan.
"Homebuilders have been anticipating this buoyancy in the market now that the
weather is improving and homebuyers can get out and see all the new projects
and product offerings available, and the momentum continues," he added.
    The RealNet Canada Inc. GTA new home price index for low-rise homes sits
at $406,700, up $11,662 or 2.9% since last March, while the high-rise price
index sits at $327,732, up $30,295 or 10 per cent over last March.
    The index is essentially the average asking price of all the remaining
new homes and condos currently available for sale, weighted by remaining
inventory, for projects of 15 or more units, excluding ultra-luxury product
across the GTA.
    March new home sales were split 51 per cent high-rise (condominium
suites, lofts and stacked town-homes), 49 per cent low-rise (single-detached,
semi-detached and town-homes).
    With more than 1,500 members, GTHBA-UDI, formed through the merger of the
Greater Toronto Home Builders' Association and Urban Development
Institute/Ontario is the voice of the residential land development, home
building and professional renovation industry in the Greater Toronto Area. We
are proudly affiliated with the Ontario and Canadian Home Builders'
Associations.

    
    -------------------------------------------------------------------------
                   Low Rise             High Rise               Total
              Mar.   Mar.    %      Mar.   Mar.    %      Mar.   Mar.    %
    Region    2006   2007  Change   2006   2007  Change   2006   2007  Change
    -------------------------------------------------------------------------

    Durham     355    409   15.2%     27      5  -81.5%    382    414    8.4%
    Halton     317    386   21.8%     12     16   33.3%    329    402   22.2%
    Peel       607    518  -14.7%    125    150   20.0%    732    668   -8.7%
    Toronto     75    107   42.7%  1,194  1,423   19.2%  1,269  1,530   20.6%
    York       607    561   -7.6%    159    439  176.1%    766  1,000   30.5%
    GTA      1,961  1,981    1.0%  1,517  2,033   34.0%  3,478  4,014   15.4%
    -------------------------------------------------------------------------
    Source: RealNet Canada Inc.
    




For further information:

For further information: Suzanna Cohen, Director of Communications,
(416) 391-3450 or (416) 453-3214, scohen@gthba.ca; Stephen Dupuis, Chief
Executive Officer, (416) 391-3453 or (416) 948-8654, sdupuis@gthba.ca

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GREATER TORONTO HOME BUILDERS' ASSOCIATION

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