New condo sales up yet again in October



    TORONTO, Nov. 20 /CNW/ - High-rise new home sales hit a five year peak in
October, Bob Finnigan, president of the Building Industry and Land Development
Association (BILD), revealed today.
    High-rise condo and loft sales were up 15 per cent in October and are up
31 per cent through the first ten months of the year, compared with 2006.
Meanwhile, low-rise (single-detached, semi-detached and town-homes) new home
sales were down 39 per cent in October from last year, although overall year
to date sales remain nearly on par with 2006.
    Most of the difference in the drop in low-rise sales can be attributed to
Halton region where in October 2006, there were three major site openings that
increased that months sales tremendously. The other factor is that in many
markets around the GTA there is a lack of low-rise product being offered due
to very tight land availability.
    Based solely on the strength of the high-rise market, total new home
sales through the first ten months of 2007 are up nearly 14 per cent compared
with 2006, with the final two months expected to contribute a particularly
strong finish to a very good year.
    "It's no secret that the high-rise condo market is very hot and it's all
about price and affordability. The RealNet Canada Inc. new home price index
for low-rise homes sits at $426,000 while the high-rise index sits at
$333,000. That $93,000 difference is what's driving the high-rise condo market
towards all-time records for total sales and market share, Finnigan stated.

    
    -------------------------------------------------------------------------
    Region        Low Rise              High Rise              Total
    -------------------------------------------------------------------------
          October  October   %   October  October  %   October  October  %
            2006     2007  Change  2006    2007  Change  2006    2007  Change
    -------------------------------------------------------------------------
    Durham   283      229  -19.1%     12     30  150.0%    295    259  -12.2%
    -------------------------------------------------------------------------
    Halton   737      160  -78.3%     43     60   39.5%    780    220  -71.8%
    -------------------------------------------------------------------------
    Peel     448      279  -37.7%    169    382  126.0%    617    661    7.1%
    -------------------------------------------------------------------------
    Toronto  254      126  -50.4%  1,383  1,446    4.6%  1,637  1,572   -4.0%
    -------------------------------------------------------------------------
    York     652      64 5  -1.1%    174    130  -25.3%    826    775   -6.2%
    -------------------------------------------------------------------------
    GTA    2,374    1,439  -39.4%  1,781  2,048   15.0%  4,155  3,487  -16.1%
    -------------------------------------------------------------------------
    Source: RealNet Canada Inc.
    




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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