Toronto Real Estate - 2006 New Homes Review
2006 was a very good year for new home sales
From New Dream Homes and Condos Magazine
Sales of new high-rise condos in the Greater Toronto Area last year came within a hairs-breadth of the all time high while the proportion of high-rise condos as sales smashed the all time record.
The new home sales data, compiled for GTHBA-UDI by RealNet Canada Inc., reveals that there were 17,617 new high-rise condos sold in 2006, a mere 23 units fewer than in 2005, when the previous record was established. However, with 4.4 out of every 10 new home sales in 2006 being high-rise condos, the proportion of the total new home market made up of this built-form reached new heights, up from 42% in 2005 and 33% in 2004.
In total, there were 39,790 new home sales in 2006, down 2,202 units or 5% from 2005, but still a very good year relative to the forecasts and historical standards. While high-rise condo sales held their own, low-rise (single- and semi-detached units and townhomes) unit sales declined by 9% year over year resulting in the overall 5% decrease.
The new home market remains strong and vibrant, based first and foremost on the aspirations of GTA home buyers to buy their first home or move up to their dreamhome, combined with low mortgage rates and tremendous choice and value in the new home market.
ecoENERGY: Using Less, Living Better
It’s not very often that a home show attracts every major media outlet - local, regional, and national; print and broadcast.
The big scoop was the announcement by the federal government of a $220 million ecoENERGY retrofit program to assist homeowners in reducing their energy consumption.
“It’s time to recognize that the largest untapped source of energy is the energy we waste,” declared Gary Lunn, minister of natural resources, in announcing the program.
The ecoENERGY retrofit program will offer homeowners who complete energy efficiency retrofits to their homes grants of up to $5,000. It is expected that the incentives will promote smart energy use in more than 140,000 homes.
A personalized checklist will show homeowners the best upgrades for their homes and how much financial support is available to make those improvements.
The average grant is expected to be more than $1,000 and yield an average 30% reduction in energy use and costs.
Right on target
As far as we are concerned, this new program is perfectly targeted where it can have the most impact. A standard new home built today is so much more energy efficient than ever before, and, many builders go above and beyond the minimum standard (which is hardly minimal).
It’s the massive stock of older, existing homes where energy is being wasted. As Minister Lunn points out, there are more than 13 million homes and 380,000 buildings in this country. They use 30% of our energy and are responsible for almost 30% of Canada’s greenhouse gas emissions.”
“Only one to two per cent of Canada’s housing supply is built new each year. Therefore, an important way to reduce household energy use is to make existing Canadian homes more energy efficient,” the minister went on to say.
New too
The government of Canada will also encourage the construction, operation and retrofit of more energy-efficient buildings and houses using complementary activities such as rating, labelling, and training through an additional investment of more than $60 million in ecoENERGY for buildings and houses.
Toronto mayor David Miller was on hand for the announcement and, took the high, non-partisan road in speaking very positively about the program objectives and design.
“Holding the launch in Toronto symbolically recognizes the tremendous opportunity we have in our cities to affect climate change. These programs will give residents, businesses, and industry the chance to act… and act they will,” Miller stated.
The federal government has established a new website (www.econergy.gc.ca) with more program details, energy savings tips, and related links. I urge you to have a look, every bit we do helps the generations to come!
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Contact the Jeffrey Team for more information
