GTA new home sales soar 106 per cent in October

TORONTO, Nov. 20 /CNW/ - New homes sales in the Greater Toronto Area reached their highest monthly total since July 2007, with 4,150 new homes and condos sold last month, the Building Industry and Land Development Association (BILD) revealed today.

Sales of new low-rise (single-detached, semi-detached and townhomes) homes, primarily in the 905 area, were up an astounding 173 per cent while sales of new high-rise condo suites, primarily in the City of Toronto, rose by an impressive 77 per cent, resulting in an overall 106 per cent increase in total new home sales in October, according to data from RealNet Canada Inc., BILD's official market information source.

"The turnaround in new home sales has been nothing short of remarkable, with homebuyers taking advantage of ultra-low interest rates and intense competition among builders," said Stephen Dupuis, President and CEO of BILD. "The low-rise new housing market picked-up in late Spring while the high-rise condo market has sprung back this Fall, accounting for 60 per cent of total new home sales in October."

"With year-to-date sales now running 2.5 per cent ahead of last year and a decidedly up-note in the market, it looks like total new home sales in 2009 will end up far higher than anyone could have anticipated earlier in the year," Dupuis concluded.

    
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    October
     '09         Low Rise             High Rise               Total
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                               %                     %                     %
    Region    2008   2009 Change    2008   2009 Change    2008   2009 Change
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    Durham     120    274 128.3%      27      8 -70.4%     147    282  91.8%
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    Halton     102    384 276.5%      15    132 780.0%     117    516 341.0%
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    Peel       213    548 157.3%      54     46 -14.8%     267    594 122.5%
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    Toronto     33     99 200.0%   1,145  2,064  80.3%   1,178  2,163  83.6%
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    York       154    395 156.5%     145    200  37.9%     299    595  99.0%
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    GTA        622  1,700 173.3%   1,386  2,450  76.8%   2,008  4,150 106.7%
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    GTA
    Jan-Oct 11,490 14,866  29.4%  13,853 11,087 -20.0%  25,343 25,953   2.4%
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    Source: RealNet Canada Inc.
    

With more than 1,400 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: Andrei Zaretski, Manager, Communications, [phone] or [phone], [email protected]; Stephen Dupuis, President, Chief Executive Officer, [phone] or [phone], [email protected]