Tag Archives: Greater Toronto Area new home sales
GTA new home sales still ahead despite slip in August
Greater Toronto Area new home sales continue to run 28% 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% from August 2009. While high-rise condo sales were down 33% for the month, year-to-date sales show a 78% 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%) of all new home sales in August were high-rise condos, with more than three quarters (77%) of high-rise sales being recorded in the City of Toronto.
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