New home market weathers January snowstorms



    TORONTO, Feb. 19 /CNW/ - The New Year got off to a comparatively slow
start for the new home market as January sales declined by 16 per cent
compared with the year prior, Michael Moldenhauer, President of the Building
Industry and Land Development Association said today. According to RealNet
Canada Inc., there were 1,703 new homes and condos sold across the GTA in
January, compared with 2,039 sales in January, 2007. While the high-rise
market was up 3 per cent January/January, the low-rise market
(single-detached, semi-detached, town-homes) was down 26 per cent, resulting
in the 16 per cent drop-off in total sales.
    Moldenhauer attributed the modest January decline to seasonal effects
including particularly inclement weather. "This is exactly the way 2007
started but the market eventually began gathering steam as the weather
moderated and builders launched their new communities and projects,"
Moldenhauer said.
    "With interest rates remaining historically low and lots of competition
among builders, good value remains the driving force in the GTA new home
market, leading builders to anticipate another good year," he added.
    January new home sales were split 60 per cent low-rise, 40 per cent
high-rise compared with 48/52 low-/high-rise split in 2007.

    
    -------------------------------------------------------------------
                       Low Rise                     High Rise

    -------------------------------------------------------------------

    Region    Jan-07   Jan-08   % Change    Jan-07   Jan-08   % Change
    -------------------------------------------------------------------
    Durham     267      181      -32.2%        3       11      266.7%
    -------------------------------------------------------------------
    Halton     325      148      -54.5%       11        3      -72.7%
    -------------------------------------------------------------------
    Peel       388      204      -47.4%       73       82       12.3%
    -------------------------------------------------------------------
    Toronto     78       75       -3.8%      500      484       -3.2%
    -------------------------------------------------------------------
    York       316      411       30.1%       78      104       33.3%
    -------------------------------------------------------------------
    GTA       1,374    1,019     -25.8%      665      684        2.9%
    -------------------------------------------------------------------


    -------------------------------------
                       Total

    -------------------------------------

    Region    Jan-07   Jan-08   % Change
    -------------------------------------
    Durham     270      192      -28.9%
    -------------------------------------
    Halton     336      151      -55.1%
    -------------------------------------
    Peel       461      286      -38.0%
    -------------------------------------
    Toronto    578      559       -3.3%
    -------------------------------------
    York       394      515       30.7%
    -------------------------------------
    GTA       2,039    1,703     -16.5%
    -------------------------------------
    

    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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