News Releases

Condo craze continues with 60 per cent increase: Condos represent one in two new homes sold in May

June 21, 2005

Toronto-- More high-rise condominiums were sold in May than any other month on record. For the first time ever, high-rise condos represented almost half of the 4,708 new homes sold in the Greater Toronto Area said Julie Di Lorenzo, president of the Greater Toronto Home Builders' Association today.

"Demand for condominium apartments continues to grow at an amazing rate. We've now seen the three best months on record for condominium apartments," said Di Lorenzo. "The 60 per cent increase in condo sales in led to the second strongest May on record, up 13 per cent over the same month last year," she added.

The GTA new home price index remained stable at $379,846 for low-rise homes and $278,203 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 April were Toronto (1,616), Brampton (547), Mississauga (426), Vaughan (365) and Oakville (328).

With more than 1,300 members, the GTHBA is the voice of the residential construction industry in the Greater Toronto Area. Established in 1921, the association is comprised of land developers, home builders, professional renovation contractors, sub-contractors, suppliers, service, professional and financial firms. We are proudly affiliated with the Ontario and Canadian Home Builders' Associations.

For further information:
Suzanna Cohen, Director of Communications 416-391-3450
Stephen Dupuis, Executive Vice President 416-391-3453