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New home market up 33% in June

New home sales in the Greater Toronto Area rose by a remarkable 33 per cent in June with high-rise condos capturing a near-record share of total sales, Bob Finnigan, president of the Building Industry and Land Development Association (BILD), revealed this week.

According to RealNet Canada Inc., BILD's official source of new home market information, there were 5,013 new homes and condos sold in June with high-rise unit sales taking a 58 per cent share of the market.

Finnigan noted that low-rise (single-detached, semi-detached and town-home) sales were up 40 per cent with gains in every region, while high-rise (condo suites and lofts) sales were up 28 per cent with declines in the 905 regions offset by a healthy increase in condo sales in the City of Toronto.

"Monthly new home sales have not exceeded the 5,000 unit threshold since 2002 so these results come as a very pleasant surprise," said Finnigan, who added that year to date new home sales are up a healthy 5.4 per cent compared to the first six months of 2006.

Finnigan attributed the market strength to a combination of factors including buyers locking-in in advance of interest rate increases, a spate of high-profile new project launches, particularly by Toronto condo builders, and superb overall value aided by the healthy competitive market which persists among homebuilders in the GTA.

July 22, 2007 in Buying Toronto Real Estate | Permalink

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