No February "blahs" for GTA new home sales

GREATER TORONTO, March 22 /CNW/ - Sales of new homes and condos in the Greater Toronto Area in February reached its highest levels since 2006, the Building Industry & Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official, independent source of new home market intelligence, there were 3,148 new homes and condos sold in the GTA in February 2010.

Revealing the dramatic difference a year makes, new home sales were up 327 per cent over February 2009. Comparing with non-recessionary years, February sales were up 24 per cent versus 2008 and 19 per cent versus 2007.

"The February results come as no surprise based on the feedback the Association has been receiving from the builders who have launched new projects of late, and on that basis, March results are expected to complete a very solid first quarter for new home sales in the GTA," said BILD president and CEO Stephen Dupuis.

"The new home market continues to benefit from the tight conditions in the resale market, 50-year low interest rates and healthy levels of consumer confidence in real estate, not to mention efforts by the builders themselves to offer the utmost value," Dupuis added.

February sales were almost equally split between low-rise and high-rise sectors with 51 per cent single-detached, semi-detached or town-home sales and 49 per cent high-rise condominium suite sales.

    
    -------------------------------------------------------------------------
    February    Low Rise             High Rise             Total
    '10
    -------------------------------------------------------------------------
    Region     2009  2010 % Change  2009  2010 % Change  2009  2010 % Change
    -------------------------------------------------------------------------
    Durham      131   240    83.2%     9     8   -11.1%   140   248    77.1%
    -------------------------------------------------------------------------
    Halton      210   275    31.0%     8    20   150.0%   218   295    35.3%
    -------------------------------------------------------------------------
    Peel        136   384   182.4%    30    85   183.3%   166   469   182.5%
    -------------------------------------------------------------------------
    Toronto      50    76    52.0%   197 1,310   565.0%   247 1,386   461.1%
    -------------------------------------------------------------------------
    York        145   635   337.9%    17   115   576.5%   162   750   363.0%
    -------------------------------------------------------------------------
    GTA         672 1,610   139.6%   261 1,538   489.3%   933 3,148   237.4%
    -------------------------------------------------------------------------
    Jan-Feb   1,072 2,849   165.8%   502 2,597   417.3% 1,574 5,446   246.0%
    -------------------------------------------------------------------------
    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]