Hottest summer ever for new-home sales
New-condo sales up 90 per cent
From The Condo Guide
The summer of 2007 is turning out to be as hot and steamy as the weather for the high-rise Toronto condo market in the Greater Toronto Area, Bob Finnigan, President of the Building Industry and Land Development Association (BILD), said recently.
Total new-home sales in the GTA in July surged 47% compared with July of 2006, while sales of high-rise condominium suites nearly double compared with last July, rising a whopping 90% year over year. Not to be totally outdone, low-rise (single-detached, semi-detached and townhomes) unit sales jumped 33% July 2006/July 2007.
“We’re running out of superlatives to describe the new-housing market this year,” said Finnigan, who revealed that total new-home sales through the first seven months of 2007 are running 15% ahead of the same period last year (versus forecasts of declining sales in 2007).
“The good news, is that over the last 12 months, prices have only risen by 5.6% for low-rise, homes and 4.2% for high-rise homes, and therein lays the explanation for the continued strength of the market. Healthy competition among builders is keeping affordability in check, with the benefits accruing to the home-buying public,” added Finnigan.
According to RealNet Canada Inc., BILD’s official independent source of new-home market information, this has been the hottest summer ever, by far, for new-home sales – June/July sales of 9,900 units this year compares with roughly 8,000 sales recorded in 2002 and 2003. Combined sales of nearly 6,000 high-rise units this summer compares with 3,671 last summer, which was second best-ever.
With more than 1,500 members, BILD, formed through the merger of the Greater Toronto Home Builders’ Association and Urban Development Institute/Ontario, is the voice of the residential 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.
The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.
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