GTA new home sales in February best since 2006

March 22, 2010

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Tony Wong

BUSINESS REPORTER

Sales of new houses and condominiums in the Greater Toronto Area were up by more than 237 per cent in February compared with last year according to figures released today.

The 3,148 new homes sold represented the highest levels since 2006, according to RealNet Canada Inc.

“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,” said the Toronto-based Building, Industry, & Land Development Association.

However, February of 2009 was a recessionary year, with the figures representing the bottom of the market. Compared with 2008, February sales were still respectable, up 24 per cent, while it was up 19 per cent compared with 2007.

February sales were virtually split between low rise and high rise, with 51 per cent of buyers opting for detached or town homes, while 49 per cent chose condominiums.