New condo market chugging along



    TORONTO, June 20 /CNW/ - Sales of new condominiums continued at a very
brisk pace in May while sales of new low-rise homes slowed due primarily to
continuing land supply constraints, Michael Moldenhauer, president of the
Building Industry & Land Development Association (BILD), said today.
    There were 3,181 new homes sold in the Greater Toronto Area in May, 2008,
split almost evenly (51-49) between low-rise, single- and semi-detached or
town-homes (1,626 units) and high-rise condominium suites (1,555 units).
    While high-rise unit sales were off just 8 per cent from last years
blistering pace, low-rise unit sales declined by 31 per cent due in large part
to a general lack of supply in the market. Delays in the land development
approval process and/or infrastructure servicing have meant fewer new, large
developments on the market.

    
    -------------------------------------------------------------------------
             Low                   High
    May      Rise                  Rise                 Total
    -------------------------------------------------------------------------
    Region   2007   2008           2007   2008           2007   2008
    -------------------------------------------------------------------------
    Durham    396    221  -44.2%    162     10  -93.8%    558    231  -58.6%
    -------------------------------------------------------------------------
    Halton    364    230  -36.8%     20    101  405.0%    384    331  -13.8%
    -------------------------------------------------------------------------
    Peel      596    529  -11.2%    102    135   32.4%    698    664   -4.9%
    -------------------------------------------------------------------------
    Toronto   177    117  -33.9%  1,215  1,248    2.7%  1,392  1,365   -1.9%
    -------------------------------------------------------------------------
    York      831    529  -36.3%    191     61  -68.1%  1,022    590  -42.3%
    -------------------------------------------------------------------------
    GTA     2,364  1,626  -31.2%  1,690  1,555   -8.0%  4,054  3,181  -21.5%
    -------------------------------------------------------------------------

    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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