New home sales in the Greater Toronto Area continue to run 28 per cent ahead through the first eight months of 2010 despite softer sales in the summer months according to the Building Industry & Land Development Association.
August saw 1,797 new homes and Condos sold in the Greater Toronto Area, slipping 45 per cent from August 2009.
High-rise Condominiums were also down in August by 33 per cent but registered a 78 per cent increase on year-to-date sales from 2009.
High-rise Condos accounted for 48 per cent of all new home sales in August, with more than 77 per cent of high-rise Condo sales reported in the City of Toronto.
Read the full report below.
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.
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