August 21 2009

Total new home sales in the Greater Toronto Area for July of this year remained on par with last year at 3,119 new home sales. Surprisingly, sales of low-rise (sing-detached, semi-detached, townhomes) surged 120 percent while high-rise condo sales fell 44 per cent, according to the Building Industry and Land Development Association.

In their article “Balance of condo to home sales reverses“, Daily Commercial News writes,

“The monthly sales tracking by RealNet Canada Inc. on behalf of BILD reveals a grand total of 3,119 new home sales in July, comprised of 1,829 low-rise units (59 per cent) and 1,290 high-rise units (41 per cent).
“What a difference a year makes,” said BILD president Stephen Dupuis.
He noted that in July, 2008, roughly three out of every four new homes sold were high-rise condos, primarily in the City of Toronto, while in July, 2009, consumer preference has shifted overwhelmingly towards low-rise homes in the 905 communities.”

This is an interesting trend, possibly related to the shaky economy, that new home developers will want to keep their eye on.

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