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.

Feb '13 Low Rise High Rise Total
Region 2011 2012 2013 2011 2012 2013 2011 2012 2013
Durham        261 221 185 12 3 4 273 224 189
Halton 145 297 73 49 71 34 194 368 107
Peel 476 493 287 51 23 24 527 516 311
Toronto 44 20 51 1,745 762 700 1,789 782 751
York 559 552 482 346 167 190 905 719 672
GTA 1,485 1,583 1,078 2,203 1,026 952 3,688 2,609 2,030
Jan-Feb  2,619    2,758     1,660     3,305     1,771     1,734     5,924     4,529     3,394  

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:

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

Andrei Zaretski
Manager, Marketing & Media Relations
416-391-3450 or 416-843-4898
azaretski@bildgta.ca


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