New-homes market shows strong first half as prices continue to rise
GREATER TORONTO, July 22, 2014 /CNW/ - Sales of new homes and condominiums in the GTA continue to show strengh at the half-way mark of 2014, 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 4,608 new-home sales recorded in June 2014. This marked a considerable increase from last year and registered as the third-highest June in the last decade.
Renewed consumer confidence helped spur growth in total year-to-date sales by 51 per cent. This is largely a result of new-home buyers purchasing unsold inventory left over from a slow 2013.
"Half way through the year we are seeing above-average sales in the high-rise sector, particularly in the City of Toronto, which illustrates GTA residents' continued shift toward a condo lifestyle," said BILD president and CEO Bryan Tuckey. "New project launches have also contributed to the increase in low-rise sales, although rising prices for ground-related homes remain a challenge for new-home buyers."
According to the RealNet New Home Price Index, the average price of a low-rise home rose seven per cent from last year to the highest on record at $680,529. The price of a high-rise home in the GTA grew two per cent to $436,876.
A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy.
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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