Second best-year ever for new home sales



    Condo sales spike 34 per cent

    TORONTO, Jan. 29 /CNW/ - With another 1,785 new homes and condos sold in
December, 2007, total new home sales last year reached 44,784 units, second
only to 2002, when an astounding 53,669 units were sold.
    Based solely on the strength of a 34 per cent spike in sales of new,
high-rise condominium suites, total new home sales rose a solid 15 per cent in
2007 as compared with 2006. Low-rise new home sales held steady in 2007
compared with 2006.
    The year 2007 will go down in the record books as the first year that
high-rise housing sales (condo suites and lofts) outstripped low-rise
(single-detached, semi-detached, town-homes) sales, reaching an astounding 52
per cent market share.
    "The share of the market accounted for by high-rise product has risen
steadily from 25-28 per cent in the 2000-2003 period to 32 per cent in 2004,
42 per cent in 2005, 45 per cent in 2006 and 52 per cent last year," said BILD
CEO Stephen Dupuis.
    Dupuis attributed the dramatic shift to a combination of government
policy bias, relative affordability (the average condo is $77,000 less than
the average low-rise home) and a broadening of the condo buyer profile well
beyond first-time buyers.
    As for prices, the RealNet Canada Inc. New Home Price Index for low-rise
product rose 7.3 per cent in 2007, from $403,450 to $432,972, while the
high-rise price index rose 10.8 per cent from $321,353 to $355,998 for a
difference of $76,974.

    
    -------------------------------------------------------------------------
                   Low Rise             High Rise                Total
    ------                    %                     %                     %
    Region    2006   2007  Change    2006   2007 Change   2006    2007 Change
    -------------------------------------------------------------------------
    Durham   3,529  3,717    5.3%     315    372  18.1%  3,844   4,089   6.4%
    -------------------------------------------------------------------------
    Halton   4,526  3,839  -15.2%     161    299  85.7%  4,687   4,138 -11.7%
    -------------------------------------------------------------------------
    Peel     5,901  5,221  -11.5%   2,478  1,810 -27.0%  8,379   7,031 -16.1%
    -------------------------------------------------------------------------
    Toronto  1,330  1,246   -6.3%  12,205 18,478  51.4% 13,535  19,724  45.7%
    -------------------------------------------------------------------------
    York     6,388  7,527   17.8%   2,194  2,275   3.7%  8,582   9,802  14.2%
    -------------------------------------------------------------------------
    GTA     21,674 21,550   -0.6%  17,353 23,234  33.9% 39,027  44,784  14.8%
    -------------------------------------------------------------------------
    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


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890