New home sales surged 113 per cent in the Greater Toronto Area in September, with the high-rise condo market finally coming to life to join the rally in low-rise new home sales that began earlier this year, the Building Industry & Land Development Association announced today.

There were 3,883 new homes and condos sold in the GTA in September, according to RealNet Canada Inc., BILD’s official, independent source of new home market intelligence.

Sales of new low-rise (single-detached, semi-detached and townhomes) homes were up 134 per cent, while sales of high-rise condo suites were up 95 per cent, resulting in an overall sales increase of 113 per cent compared with September 2008.

Acknowledging that comparisons with September 2008 are misleading due to the impact of the global economic crisis which set in that month, BILD president and CEO Stephen Dupuis noted that that the 3,883 new homes and condos sold in September 2009 compare favourably with the 3,972 units sold in 2007.

Dupuis drew particular attention to the increase in condo sales, noting that builders have begun to open new projects and buyers are responding enthusiastically.

“Buyers are demanding value and they are finding it in the new home market, resulting in these very solid September results,” he stated.