Hottest summer ever for new home sales



    New condo sales up 90 per cent

    TORONTO, Aug. 23 /CNW/ - The summer of 2007 is turning out to be as hot
and steamy as the weather for the high-rise condo market in the Greater
Toronto Area, Bob Finnigan, President of the Building Industry and Land
Development Association (BILD), said today.
    Total new home sales in the GTA in July surged 47 per cent compared with
July of 2006, while sales of high-rise condominium suites nearly double
compared with last July, rising a whopping 90 per cent year over year. Not to
be totally outdone, low-rise (single-detached, semi-detached, town-homes) unit
sales jumped 33 per cent July 2006/July 2007.
    "We're running out of superlatives to describe the new housing market
this year," said Finnigan, who revealed that total new home sales through the
first seven months of 2007 are running 15 per cent ahead of the same period
last year (versus forecasts of declining sales in 2007).
    "The good news, is that over the last 12 months, prices have only risen
by 5.6 per cent for low-rise homes and 4.2 per cent for high-rise homes, and
therein lays the explanation for the continued strength of the market. Healthy
competition among builders is keeping affordability in check, with the
benefits accruing to the home buying public," Finnigan added.
    According to RealNet Canada Inc., BILD's official independent source of
new home market information, this has been the hottest summer ever, by far,
for new home sales. June/July sales of 9,900 units this year compares with
roughly 8,000 sales recorded in 2002 and 2003. Combined sales of nearly 6,000
high-rise units this summer compares with 3,671 last summer's, which was
second best-ever.

    
    ------------------------------------------------------------------------
                Low Rise Sales        High Rise Sales           Total
              July  July       %     July  July       %                    %
    Region    2006  2007  Change     2006  2007  Change    2006  2007 Change
    ------------------------------------------------------------------------
    Durham     233   358   53.6%       15    32  113.3%     248   390  57.3%
    ------------------------------------------------------------------------
    Halton     309   328    6.1%       13    40  207.7%     322   368  14.3%
    ------------------------------------------------------------------------
    Peel       492   478   -2.8%      381   149  -60.9%     873   627 -28.2%
    ------------------------------------------------------------------------
    Toronto    102    98   -3.9%      703 2,193  211.9%     805 2,291 184.6%
    ------------------------------------------------------------------------
    York       475   885   86.3%      333   326   -2.1%     808 1,211  49.9%
    ------------------------------------------------------------------------
    GTA      1,611 2,147   33.3%    1,445 2,740   89.6%   3,056 4,887  59.9%
    ------------------------------------------------------------------------
    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 residential land development, home
building and professional renovation industry in the Greater Toronto Area. We
are 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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