GTA new home sales up 237% from 2009
By on Jun 12, 2010
What a difference a year makes!
With 3,148 new homes and condos sold in February 2010, GTA new home sales reached their highest levels since 2006. This marks an incredible 237 percent increase over February 2009 according to RealNet Canada Inc, the Building Industry and Land Development Association's official source of new home market intelligence.
Low rise developments, including single-detached, semi-detached and town homes accounted for 51 percent of this activity, with condominium suites coming in a close second with 49 percent of the market share.
"The new home market continues to benefit from the tight conditions in the resale market, 50-year low interest rates and healthy levels of consumer confidence in real estate, not to mention efforts by the builders themselves to offer the utmost value," remarks Stephen Dupuis, president and CEO of BILD.
"The February results come as no surprise based on the feedback the Association has been receiving from the builders who have launched new projects of late, and on that basis, March results are expected to complete a very solid first quarter for new home sales in the GTA."
The City of Toronto boasted an incredible 461% total increase in new home sales from February 2009 to February 2010, and York Region was close behind with a 363% increase.
