GTA new home sales slip in August

GREATER TORONTO, Sept. 22 /CNW/ - Greater Toronto Area new home sales continue to run 28 per cent ahead of 2009 through the first eight months of this year despite softer sales over the summer months, the Building Industry & Land Development Association (BILD) revealed today.

There were 1,797 new homes and condos sold in the GTA in August, down 45 per cent from August 2009. While high-rise condo sales were down 33 per cent for the month, year-to-date sales show a 78 per cent increase from 2009, according to RealNet Canada Inc., BILD's official source on new home market information.

"Last year started slow and gathered steam all year long," said BILD President and CEO Stephen Dupuis. "This year, we had a very fast start as buyers rushed to beat the HST, potential mortgage rate hikes and the new federal mortgage financing rules, and then lost steam."

"It definitely looks like demand was borrowed from the second half of the year. However, momentum is expected to be regained as buyers are presented with all the new project openings which typify the Fall housing market in the GTA," Dupuis added.

Nearly half (48 per cent) of all new home sales in August were high-rise condos, with more than three quarters (77 per cent) of high-rise sales being recorded in the City of Toronto.

August '10	Low Rise			High Rise			Total
Region	2009	2010	% Change	2009	2010	% Change	2009	2010	%Change
Durham	280	165	-41.1%	7	9	28.6%	287	174	-39.4%
Halton	317	248	-21.8%	23	22	-4.3%	340	270	-20.6%
Peel	501	177	-64.7%	73	81	11.0%	574	258	-55.1%
Toronto	77	18	-76.6%	1,083	668	-38.3%	1,160	686	-40.9%
York	825	328	-60.2%	107	81	-24.3%	932	409	-56.1%
GTA	2,000	936	-53.2%	1,293	861	-33.4%	3,293	1,797	-45.4%
Jan-August	11,381	11,153	-2.0%	6,835	12,193	78.4%	18,216	23,346	28.2%

Source:  RealNet Canada Inc.

With more than 1,300 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.

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