Matthew Slutsky
BuzzBuzzHome Corp.
January 20, 2010

BuzzBuzzHome loves looking at new-home sales numbers. In fact, all we do is look at new homes, condos and townhomes. So, seeing new numbers released today from the Building Industry and Land Development Association (BILD) excited us.

Even more so, the fact that numbers from 2009 were up from 2008 added to our excitement. BILD states, “the year which could have been so much worse turned out to be far better than anticipated, ending on a very strong up-note.”

According to BILD there were 33,615 new homes and condos sold in the GTA, up 24% from 2008. WOOT WOOT! Well, maybe it doesn’t deserve a “WOOT WOOT”, considering that number is below the 45,000 unit average for the 2000-2009 decade.

Of course, most of the sales were in the second half of the year as consumer confidence was sparked by low interest rates. YIKES! Housing bubble?? BILD says, “It was propelled by an improving economy, increased consumer confidence and overall housing affordability.”

And how about that December?? The high-rise condo market was up a modest four per cent in 2009 but ended the year with a fourth quarter surge culminating in December when seven out of every 10 new homes sold (70 per cent) were high-rise condo suites versus 46 per cent on a January.

The recovery was “kick started by builders slashing costs and margins on inventory and new product to the bone,” said the association.

BILD President & CEO Stephen Dupuis states: “We’re not out of the woods yet but we’re cautiously optimistic that we’re on the right trail.”

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