New home sales remain steady in June
GREATER TORONTO, July 24, 2012 /CNW/ - Sales of new homes and condominiums in the GTA remained steady with more than 20,000 sold so far this year, the Building Industry and Land Development Association (BILD) reported today.
According to RealNet Canada Inc., BILD's official source of new home market intelligence, new home sales in June totalled 3,461, down 27 per cent from the record-setting figures of 2011 but more in-line with the long-term average calculated over the last 10 years. A quick look back shows that in June 2010, a total of 3,063 new homes were sold, while June 2009 sales totalled to 3,782 across the GTA.
The year-to-date sales totals are also closely aligned with the 10-year average. To date, a total of 20,785 homes have been sold in the GTA in 2012, meeting the increased demand observed in recent years.
"So far, the numbers have painted 2012 to be an average year when it comes to sales," said BILD President and CEO Bryan Tuckey. "What is worth noting, however, is the continued shift in the market as it gravitates towards higher-density housing."
Tuckey pointed out that as of the end of June, the high-rise market is at 38 per cent above the long-term average, ranking it the second-highest on record despite being down 20 per cent from last year. Meanwhile its low-rise counterpart sits at 27 per cent below the low-term average, largely due to record-low inventory levels as a result of reduced land supply and an emphasis on intensification by the Province of Ontario.
The RealNet New Home Price Index indicated a 10 per cent increase in the low-rise sector over June 2011 to $603,102 while high-rise pricing dropped 6 per cent to $432,256.
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Source: RealNet Canada Inc.
With more than 1,350 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 AssociationFor further information:
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Manager, Marketing & Media Relations
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