Sales of new homes remain stable in the GTA

CNW Group

GREATER TORONTO , June 20, 2014 /CNW/ - New-home sales in the Greater Toronto Area have rebounded from a slow 2013 and returned to healthy levels, 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 3,526 new homes and condominiums sold in the GTA in May, with increases in both high-rise and low-rise sectors.

High-rise sales were up 22 per cent from 2013, making it the third-highest May in the last decade and 11 per cent above the 10-year average. Meanwhile low-rise sales rose 27 per cent, sitting seven per cent below average.

"Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market," said BILD President and CEO Bryan Tuckey . "This will result in the creation of hundreds of thousands of jobs in the coming year for GTA residents."

The building and development industry is a major engine in the regional and provincial economy, creating more than 207,400 jobs in construction and related fields last year.

According to the RealNet New Home Price Index, prices in the low-rise sector grew five per cent to $675,074 . High-rise pricing increased slightly by one per cent to $437,773 .

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

May '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

262

195

286

28

2

17

290

197

303

Halton

239

160

199

48

85

102

287

245

301

Peel

342

484

416

83

111

56

425

595

472

Toronto

40

33

31

1,265

1,148

1,435

1,305

1,181

1,466

York

826

439

732

403

176

252

1,229

615

984

GTA

1,709

1,311

1,664

1,827

1,522

1,862

3,536

2,833

3,526

Jan-May

8,087

4,931

7,516

8,470

6,229

8,305

16,557

11,160

15,821

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

View photo

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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, http://www.newhomes.org

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