New home sales remain steady in June

GREATER TORONTO, July 24, 2012 /CNW/ - Sales of new homes and condominiums in the GTA remained steady with more than 20,000 sold so far this year, the Building Industry and Land Development Association (BILD) reported today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, new home sales in June totalled 3,461, down 27 per cent from the record-setting figures of 2011 but more in-line with the long-term average calculated over the last 10 years. A quick look back shows that in June 2010, a total of 3,063 new homes were sold, while June 2009 sales totalled to 3,782 across the GTA.

The year-to-date sales totals are also closely aligned with the 10-year average. To date, a total of 20,785 homes have been sold in the GTA in 2012, meeting the increased demand observed in recent years.

"So far, the numbers have painted 2012 to be an average year when it comes to sales," said BILD President and CEO Bryan Tuckey. "What is worth noting, however, is the continued shift in the market as it gravitates towards higher-density housing."

Tuckey pointed out that as of the end of June, the high-rise market is at 38 per cent above the long-term average, ranking it the second-highest on record despite being down 20 per cent from last year. Meanwhile its low-rise counterpart sits at 27 per cent below the low-term average, largely due to record-low inventory levels as a result of reduced land supply and an emphasis on intensification by the Province of Ontario.

The RealNet New Home Price Index indicated a 10 per cent increase in the low-rise sector over June 2011 to $603,102 while high-rise pricing dropped 6 per cent to $432,256.

Please see the statistical backgrounder on new home sales in Q2 2012 here. Contact Andrei Zaretski at azaretski@bildgta.ca or Amy Lazar at alazar@bildgta.ca for more information.

June '12 Low Rise High Rise Total
Region 2010 2011 2012 2010 2011 2012 2010 2011 2012
Durham 294 281 217 7 5 34 301 286 251
Halton 115 194 99 50 74 124 165 268 223
Peel 269 385 331 57 319 100 326 704 431
Toronto 97 94 104 1,422 2,278 1,565 1,519 2,372 1,669
York 420 761 337 332 344 550 752 1,105 887
GTA 1,195 1,715 1,088 1,868 3,020 2,373 3,063 4,735 3,461
Jan-June 9,490 9,632 9,293 10,174 14,475 11,492 19,664 24,107 20,785

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.

PDF available at: http://stream1.newswire.ca/media/2012/07/24/20120724_C2243_DOC_EN_16397.pdf

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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