GTA low-rise market gains ground

GREATER TORONTO, Feb. 22, 2012 /CNW/ - The low-rise sector outsold its high-rise counterpart for first time in 12 months this January, the Building Industry and Land Development Association (BILD) revealed today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, there were 1,794 new homes and condominium units sold in the GTA in January. Low-rise sales amounted to 1,128 sales - a nearly identical figure to that of January 2011 - while capturing 63 per cent of the market share.

The high-rise sector took an expected dip in January as builders sell off existing inventory before launching new projects in the spring.

"This time of year is typically used for developers to sell existing units while agencies put together new marketing campaigns and construct sales offices," BILD Chair Paul Golini Jr. explained. "While the 40 per cent decline in the high-rise sector might seem like a lot, it follows a record-breaking year in condominium sales, so it's not a fair comparison."

The continuing trend of activity in the 905 Regions carried into 2012, particularly in York, where high-rise and low-rise sales both increased by a combined total of 12.5 per cent.

The low-rise price index in the GTA rose seven per cent over January 2011 to $551,372 while the high-rise price index went virtually unchanged at $445,854.

January '12 Low Rise   High Rise   Total  
Region 2011 2012 % Change 2011 2012 % Change 2011 2012 %Change
Durham 181 217 19.9% 12 3 -75.0% 193 220 14.0%
Halton 215 164 -23.7% 46 24 -47.8% 261 188 -28.0%
Peel 289 264 -8.7% 100 20 -80.0% 389 284 -27.0%
Toronto 47 23 -51.1% 841 485 -42.3% 888 508 -42.8%
York 405 460 13.6% 123 134 8.9% 528 594 12.5%
GTA 1,137 1,128 -0.8% 1,122 666 -40.6% 2,259 1,794 -20.6%

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 Association

For further information:

Amy Lazar 
Manager, Communications                                                  
416-391-3452 or 416-543-3903                                              
alazar@bildgta.ca                                                       

Joe Vaccaro
Acting President
416-606-3454
jvaccaro@bildgta.ca


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