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  • August Release

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    Andrei Zaretski
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    1) New home sales in the Greater Toronto Area (GTA) were down 45% in August compared to August 2009, though sales are still up 28% year-to-date over 2009 levels. 2) High-rise condo sales were down 33% in August after a very strong first half of the year that saw sales up 78% year-to-date over 2009. 3) According to the Building Industry & Land Development Association (BILD) President Stephen Dupuis, demand was pulled forward into the first half of the year as buyers rushed to beat potential mortgage rate hikes and new rules, and momentum is expected to pick up again in the fall housing market.

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    1) New home sales in the Greater Toronto Area (GTA) were down 45% in August compared to August 2009, though sales are still up 28% year-to-date over 2009 levels. 2) High-rise condo sales were down 33% in August after a very strong first half of the year that saw sales up 78% year-to-date over 2009. 3) According to the Building Industry & Land Development Association (BILD) President Stephen Dupuis, demand was pulled forward into the first half of the year as buyers rushed to beat potential mortgage rate hikes and new rules, and momentum is expected to pick up again in the fall housing market.

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    11 views1 page

    August Release

    Uploaded by

    Andrei Zaretski
    1) New home sales in the Greater Toronto Area (GTA) were down 45% in August compared to August 2009, though sales are still up 28% year-to-date over 2009 levels. 2) High-rise condo sales were down 33% in August after a very strong first half of the year that saw sales up 78% year-to-date over 2009. 3) According to the Building Industry & Land Development Association (BILD) President Stephen Dupuis, demand was pulled forward into the first half of the year as buyers rushed to beat potential mortgage rate hikes and new rules, and momentum is expected to pick up again in the fall housing market.

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    FOR IMMEDIATE RELEASE

    Andrei Zaretski Stephen Dupuis


    Manager, Communications President, Chief Executive Officer
    416-391-3450 or 416-843-4898 416-391-3453 or 416-948-8654
    communications@bildgta.ca sdupuis@bildgta.ca

    GTA new home sales slip in August

    Greater Toronto, September 22, 2010 – Greater Toronto Area new home sales continue to run 28 per
    cent ahead of 2009 through the first eight months of this year despite softer sales over the summer
    months, the Building Industry & Land Development Association (BILD) revealed today.

    There were 1,797 new homes and condos sold in the GTA in August, down 45 per cent from August
    2009. While high-rise condo sales were down 33 per cent for the month, year-to-date sales show a 78
    per cent increase from 2009, according to RealNet Canada Inc., BILD’s official source on new home
    market information.

    “Last year started slow and gathered steam all year long,” said BILD President and CEO Stephen Dupuis.
    “This year, we had a very fast start as buyers rushed to beat the HST, potential mortgage rate hikes and
    the new federal mortgage financing rules, and then lost steam.”

    “It definitely looks like demand was borrowed from the second half of the year. However, momentum is
    expected to be regained as buyers are presented with all the new project openings which typify the Fall
    housing market in the GTA,” Dupuis added.

    Nearly half (48 per cent) of all new home sales in August were high-rise condos, with more than three
    quarters (77 per cent) of high-rise sales being recorded in the City of Toronto.

    August '10 Low Rise High Rise Total


    Region 2009 2010 % Change 2009 2010 % Change 2009 2010 %Change
    Durham 280 165 -41.1% 7 9 28.6% 287 174 -39.4%
    Halton 317 248 -21.8% 23 22 -4.3% 340 270 -20.6%
    Peel 501 177 -64.7% 73 81 11.0% 574 258 -55.1%
    Toronto 77 18 -76.6% 1,083 668 -38.3% 1,160 686 -40.9%
    York 825 328 -60.2% 107 81 -24.3% 932 409 -56.1%
    GTA 2,000 936 -53.2% 1,293 861 -33.4% 3,293 1,797 -45.4%
    Jan-August 11,381 11,153 -2.0% 6,835 12,193 78.4% 18,216 23,346 28.2%
    Source: RealNet Canada Inc.

    With more than 1,300 members, BILD, formed through the merger of the Greater Toronto Home
    Builders' Association and Urban Development Institute/Ontario, is the voice of the land development,
    home building and professional renovation industry in the Greater Toronto Area. BILD is proudly
    affiliated with the Ontario and Canadian Home Builders' Associations.
    -30-

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