New-home sales off to healthy start in 2015

TORONTO, Feb. 19, 2015 /CNW/ - In true New Year's resolution form, the new home industry started off 2015 with healthy home sales in January, the Building Industry and Land Development Association (BILD) announced today.

Sales of new homes and condominiums in the GTA were just above the 10-year average in the first month of the year. This was consistent for both high-rise and low-rise sectors, which were tracked at 825 and 1,114 sales respectively.

While prices in the high-rise sector remained relatively unchanged, the ground-related market reached a new record-high of $710,628 – an 8-per-cent increase over last January.

"This is what happens when demand outpaces supply," explained BILD President and CEO Bryan Tuckey. "Our region has a reduced housing choice. This is the result of a lack of serviced, designated for development land in areas that have been ear-marked by the province and municipalities as appropriate places to grow."

Tuckey added that condominiums remain an attractive option for new-home buyers, citing location and amenities as one of many benefits of condo living. According to the RealNet New Home Price Index, high-rise prices remained stable, down 1 per cent to $444,505.

A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar.

January '15

Low Rise

High Rise

Total

Region

2013

2014

2015

2013

2014

2015

2013

2014

2015

Durham

136

140

135

11

7

12

147

147

147

Halton

105

281

337

30

93

149

135

374

486

Peel

187

259

293

25

35

46

212

294

339

Toronto

9

47

20

486

861

531

495

908

551

York

139

376

329

112

97

87

251

473

416

GTA

576

1,103

1,114

664

1,093

825

1,240

2,196

1,939

Source: RealNet Canada Inc.

With more than 1,450 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

RELATED LINKS
http://www.newhomes.org

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