GTA home sales hold firm for fall
Strong condominium demand continues to bolster new-housing segment
By Jane Gadd - Globe and Mail
Sales of new and used homes are holding steady this fall, according to the latest releases from the Toronto Real Estate Board and the building industry.
New-home sales across the GTA in September were 3% lower than a year earlier, but the outlook was good for a seventh consecutive year of sales above 40,000, the Greater Toronto Home Builders Association said.
The resale market has seen a 3% rise in October compared with September, but transactions are virtually the same as last October, TREB reported.
In the new-home market, condominium growth continues to outstrip that of single-family homes.
“People are choosing condominium apartment living outside the city of Toronto, particularly in Peel and York regions,” said Desi Auciello, president of the GTHBA.
In September, 3,042 new homes and condos were sold in the GTA. The figure for September, 2005, was 3,150.
“The low-rise home and high-rise condo markets continue to trend quite differently,” Mr. Auciello said.
It was the strongest September in five years for high-rise sales, which posted a 13% rise over last year, he said. However, low-rise sales fell 14%.
TREB reported 3,007 transactions for its multiple listing service in the first two weeks of October, essentially level with the 3,012 sales in the same period of 2005.
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