GREATER TORONTO , July 22, 2014 /CNW/ - Sales of new homes and condominiums in the GTA continue to show strengh at the half-way mark 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, there were 4,608 new-home sales recorded in June 2014 . This marked a considerable increase from last year and registered as the third-highest June in the last decade.
Renewed consumer confidence helped spur growth in total year-to-date sales by 51 per cent. This is largely a result of new-home buyers purchasing unsold inventory left over from a slow 2013.
"Half way through the year we are seeing above-average sales in the high-rise sector, particularly in the City of Toronto , which illustrates GTA residents' continued shift toward a condo lifestyle," said BILD president and CEO Bryan Tuckey . "New project launches have also contributed to the increase in low-rise sales, although rising prices for ground-related homes remain a challenge for new-home buyers."
According to the RealNet New Home Price Index, the average price of a low-rise home rose seven per cent from last year to the highest on record at $680,529 . The price of a high-rise home in the GTA grew two per cent to $436,876 .
A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy .
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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
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