BILD Announces New Home Sales Statistics

The Building Industry and Land Development Association (BILD) reveled today that 2,202 condominium units were sold through February in the Greater Toronto Area. 

 

According to RealNet Canada Inc. – BILD's official source of new market intelligence – 2,202 units was the highest condo sales figure ever recorded for February, marking a 36% increase against February of 2010. The previous benchmark was set in February of 2002, when 1,774 new condos were sold. 

 

New condominium sales accounted for more than 60% of new home sales in the GTA for the month of February. 

"The relative un-affordability of low-rise product has caused a huge market shift towards high-rise condominiums.  This is fine to a point, only if steps are being taken to create a more balanced market over the mid- to long-term," stated BILD President and CEO Stephen Dupuis. 

The strongest market for condominium sales in February was York Region, which witnessed 353 sales, up 209.6% over the 2010 numbers.  Halton (a 91.3% increase,) Durham (a 71.4% increase,) and Toronto (24.9%increase,) were also reporting strong numbers for the month.  Peel was the only region that reported a decrease in new condominium sales, down 27.8% from 90 to 65 units sold. 

The Building Industry and Land Development Association (BILD) is the voice of the residential land development, home building and professional renovation industry in the Greater Toronto Area.