Housing market continues to face challenges
TORONTO, March 21, 2013 /CNW/ - For the first time in many months, sales of new detached, semis and townhomes in the GTA outperformed those in the new condominiums in February, 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 buyers purchased 2,030 new homes and condominiums in the GTA in February. The 1,078 low-rise sales add up to the second-lowest February on record, despite outperforming the high-rise market which tallied 952 sales.
"This February, we observed stronger sales in low-rise projects situated in desirable locations where there is pent-up demand for new ground-related housing," said BILD President and CEO Bryan Tuckey. "However, the housing market is still performing below average."
Consumer confidence has been affected by the stricter mortgage lending rules, Tuckey added. However, the 952 new high-rise sales in the month of February say that the condominium lifestyle is still an attractive and affordable option for new home buyers in the GTA. High-rise sales were only 7 per cent lower than February 2012.
The RealNet New Home Price Index showed a 13 per cent increase in new low-rise homes, bringing the current figure to $639,124. Pricing for new high-rise homes was up 1.3 per cent to $539 per square foot, while smaller unit sizes brought average price per unit down 1.3 per cent to $432,021.
A statistical backgrounder can be found here. For additional information, contact Amy Lazar or Andrei Zaretski.
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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 AssociationFor further information:
416-391-3452 or 416-543-3903
Manager, Marketing & Media Relations
416-391-3450 or 416-843-4898