New home sales off to solid start

GREATER TORONTO, Feb. 24 /CNW/ - The 2,162 new homes and condominiums sold in the Greater Toronto Area in January 2010 represent the continuation of the positive trend in new home sales established in the second half of 2009, and a solid start to the new year, the Building Industry & Land Development Association (BILD) said today.

Compared to the absolute bottom of the market at the height of the global economic crisis in January 2009, total new home sales are up a stunning 237 per cent. However, such comparisons are grossly misleading, says the Association. Comparing with prior years, January sales are up 11 per cent over January 2008 (1,942 sales) and 17 per cent over January 2007 (1,836 sales).

"The market is reasonably healthy but certainly not frothy," said BILD President and CEO Stephen Dupuis. "In the face of constant government regulation and taxation, the industry is doing its best to maintain market momentum by offering tremendous value in both the high- and low-rise sectors."

Total new home sales in January were split 53 per cent low-rise (single-detached, semi-detached and townhomes) and 47 per cent high-rise condominium suites.

    
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    January '10     Low Rise             High Rise              Total
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    Region     2009  2010 % Change  2009  2010 % Change  2009  2010 % Change
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    Durham      117    195   66.7%     1      8  700.0%   118    203   72.0%
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    Halton       72    102   41.7%     6     43  616.7%    78    145   85.9%
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    Peel         83    299  260.2%    20     71  255.0%   103    370  259.2%
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    Toronto      24     67  179.2%   201    809  302.5%   225    876  289.3%
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    York        104    482  363.5%    13     86  561.5%   117    568  385.5%
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    GTA         400  1,145  186.3%   241  1,017  322.0%   641  2,162  237.3%
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    Jan- Jan    400  1,145  186.3%   241  1,017  322.0%   641  2,162  237.3%
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    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.

For further information: Andrei Zaretski, Manager, Communications, [phone] or [phone], [email protected]; Stephen Dupuis, President, Chief Executive Officer, [phone] or [phone], [email protected]