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.
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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:
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