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Toronto condo sales hot in January
February 21, 2005
Attached: Monthly New Home Sales GTA - Jan/00-Dec/04
Toronto— Frigid temperatures and a dearth of new project openings resulted in weaker than expected new home sales in January, Julie Di Lorenzo president of the Greater Toronto Home Builders' Association said today.
There were 2,134 new homes sold in January, down 19 per cent from January, 2004, Di Lorenzo revealed. Bucking the general trend, high-rise condominium sales in the city of Toronto were up a whopping 31 per cent in January.
"Old man winter threw everything at us in January, be it prolonged cold snaps, freezing rain or snowstorms, but it couldn't deter condo buyers in the city," said Di Lorenzo. "As far as the high-rise apartment market is concerned, we're picking up right where we left off last year," she added.
As for the low-rise market (single family, semi-detached, links and townhouses), Di Lorenzo said she expects stronger numbers in February and March as builders bring forth their new product offerings and associated marketing campaigns.
New home sales in January were split two-thirds (66 per cent) high-rise and one-third low-rise.
The GTA new home price index increased remained stable at $371,426 for low-rise homes and $270,852 for high-rise apartments.
The index is essentially the average asking price of all the remaining new homes and condos currently available for sale, as calculated by RealNet Canada Inc., the GTHBA's independent source of new home market information.
The new home price index is based on currently available new home offerings, weighted by remaining inventory, for projects of 15 or more units, excluding ultra-luxury product across the GTA.
The top five municipalities in the GTA for January are Toronto (654), Brampton (302), Mississauga (167). Vaughan (135) and Markham (113
|
LOW-RISE
|
HIGH-RISE
|
TOTAL
|
|||||||
|
REGION
|
2004
|
2005
|
%
Change |
2004
|
2005
|
%
Change |
2004
|
2005
|
%
Change |
| Durham |
420
|
239
|
-43%
|
4
|
27
|
575%
|
424
|
266
|
-37%
|
| Halton |
280
|
259
|
-8%
|
24
|
6
|
-75%
|
304
|
265
|
-13%
|
| Peel |
598
|
393
|
-34%
|
101
|
80
|
-21%
|
699
|
473
|
-32%
|
| Toronto |
137
|
100
|
-27%
|
424
|
554
|
31%
|
561
|
654
|
17%
|
| York |
522
|
417
|
-20%
|
121
|
59
|
-51%
|
643
|
476
|
-26%
|
| GTA: |
1,957
|
1,408
|
-28%
|
674
|
726
|
8%
|
42,789
|
2,134
|
-19%
|
The top five municipalities in the GTA for 2004 are Toronto (11,989), Brampton(5,461), Mississauga (3641), Markham (3,143) and Richmond Hill (2,282).
For further information:
Suzanna Cohen, Director of Communications 416-391-3450
Stephen Dupuis, Executive Vice President 416-391-3453
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