New home sales up 113 per cent in September

TORONTO, Oct. 23 /CNW/ - New home sales surged 113 per cent in the Greater Toronto Area in September, with the high-rise condo market finally coming to life to join the rally in low-rise new home sales that began earlier this year, the Building Industry & Land Development Association announced today.

There were 3,883 new homes and condos sold in the GTA in September, according to RealNet Canada Inc., BILD's official, independent source of new home market intelligence.

Sales of new low-rise (single-detached, semi-detached and townhomes) homes were up 134 per cent, while sales of high-rise condo suites were up 95 per cent, resulting in an overall sales increase of 113 per cent compared with September 2008.

Acknowledging that comparisons with September 2008 are misleading due to the impact of the global economic crisis which set in that month, BILD president and CEO Stephen Dupuis noted that that the 3,883 new homes and condos sold in September 2009 compare favourably with the 3,972 units sold in 2007.

Dupuis drew particular attention to the increase in condo sales, noting that builders have begun to open new projects and buyers are responding enthusiastically.

"Buyers are demanding value and they are finding it in the new home market, resulting in these very solid September results," he stated.

    
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    September  Low Rise              High Rise               Total
     '09
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    Region  2008   2009     %      2008   2009    %       2008   2009   %
                          Change                Change                Change
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    Durham   171    309    80.7%     20     10  -50.0%     191    319  67.0%
    -------------------------------------------------------------------------
    Halton   150    274    82.7%    150     23  -84.7%     300    297  -1.0%
    -------------------------------------------------------------------------
    Peel     187    532   184.5%     69     83   20.3%     256    615 140.2%
    -------------------------------------------------------------------------
    Toronto   60     88    46.7%    693  1,365   97.0%     753  1,453  93.0%
    -------------------------------------------------------------------------
    York     268    752   180.6%     56    447  698.2%     324  1,199 270.1%
    -------------------------------------------------------------------------
    GTA      836  1,955   133.9%    988  1,928   95.1%   1,824  3,883 112.9%
    -------------------------------------------------------------------------
    GTA
     Jan-
     Sept 10,872  13,137   20.8% 12,517  8,620  -31.1%  23,389 21,757   -7.0%
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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]