New-home sales remain low despite modest increase

GREATER TORONTO, Dec. 18, 2013 /CNW/ - New home sales in the GTA saw a modest increase in November, but year-to-date figures are still at record lows, the Building Industry and Land Development Association announced today.

According to RealNet Canada Inc., BILD's official source for new-home market intelligence, November sales were up four per cent over last year, yet remained 18 per cent below the 10-year average.

Sales in the low-rise sector increased 27 per cent. Despite the improvement over last year, low-rise sales in November 2013 were 19 per cent below the 10-year average while year-to-date sales are the lowest in the last decade.

Meanwhile high-rise sales were down nine per cent and sit 18 per cent below the 10-year average.

"Much like the rest of 2013, November continued to challenge our industry in building homes people can afford," said BILD president and CEO Bryan Tuckey. "The Ontario government is currently undergoing a public consultation to review aspects of the land-use planning system and decision-making process, as well as the financial components of the development process.

"The building and development industry is the major engine of economic growth in the Greater GTA and it is important to address the issue of slowing sales and rising prices as it affects job creation, community development and the economic prosperity of our region."

The RealNet New Home Price Index showed a five-per-cent increase in the low-rise sector over November 2012, bringing the price to $655,078. The price index of new high-rise homes remain relatively unchanged, totalling $435,620.

A statistical backgrounder of November new-home sales is available for viewing. For additional information, contact Aonghus Kealy or Andrei Zaretski.

Nov '13 Low Rise High Rise Total
Region 2011 2012 2013 2011 2012 2013 2011 2012 2013
Durham 188 192 184 10 18 11 198 210 195
Halton 266 293 62 263 90 113 529 383 175
Peel 438 214 400 176 77 56 614 291 456
Toronto 128 13 118 3,001 1,338 1,291 3,129 1,351 1,409
York 572 245 453 413 197 95 985 442 548
GTA 1,592 957 1,217 3,863 1,720 1,566 5,455 2,677 2,783
Jan-Nov 16,760 13,427 11,523 27,628 18,141 14,500 44,388 31,568 26,023

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

For further information:

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