GTA high-rise sales remain strong in Q1

CNW Group

GREATER TORONTO , April 16, 2014 /CNW/ - Sales of high-rise condominiums in the GTA have surged in the first quarter of 2014, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source for new-home market intelligence, new-home purchasers across the GTA have made the year's first quarter the strongest in the last decade. The region has experienced eight consecutive months of year-over-year increases in total sales.

High-rise sales in the first three months of the year have risen 68 per cent from 2013 – a sign that consumer confidence in the condo market has returned. So far this year, 2014 has seen the strongest January and March when it comes to high-rise sales in the last decade.

"New-home buyers in the GTA have benefited from a significant increase in new high-rise project launches so far this year," said BILD President and CEO Bryan Tuckey . "These projects have presented consumers with plenty of options when it comes to finding their new home."

"The building industry is committed to building homes people can afford to purchase. Our members have been heavily focusing on assisting purchasers with deposit and rental guarantee programs."

The low-rise sector also saw a significant increase – up 56 per cent over March 2013 and 51 per cent over the previous year's first quarter.

The RealNet New Home Price Index showed a three-per-cent increase in the low-rise sector over March 2013 , bringing the average purchase price of a detached, semi or townhome in the GTA to $657,961 . Pricing for high-rise homes increased two per cent to $436,898 .

A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy .

March '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

262

188

249

13

3

4

275

191

253

Halton

238

96

186

121

130

120

359

226

306

Peel

593

328

585

326

65

32

919

393

617

Toronto

115

31

30

1,428

846

2,109

1,543

877

2,139

York

617

343

581

195

175

231

812

518

812

GTA

1,825

986

1,631

2,083

1,219

2,496

3,908

2,205

4,127

Jan-Mar

4,559

2,632

3,966

3,788

2,960

4,962

8,347

5,592

8,928

 Source: RealNet Canada Inc.

With more than 1,400 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.

SOURCE Building Industry and Land Development Association

Contact:
Aonghus Kealy, Manager, Communications, 416-391-3452 or 416-543-3903, akealy@bildgta.ca; Andrei Zaretski, Manager, Marketing & Media Relations, 416-391-3450 or 416-843-4898, azaretski@bildgta.ca

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