New-home sales stable in 2015

GREATER TORONTO, March 18, 2015 /CNW/ - The first two months of the year's new home sales have proven to be stable and on par with the 10-year average, the Building Industry and Land Development Association (BILD) announced today.

Total sales tallied 4,800 new homes with more low-rise than high-rise sales for the first time since 2012, a result of a few strong project launches across the GTA in February.

"The year is off to a stable start and it's encouraging to see our sales figures meeting the 10-year average for new homes sold across the GTA," said BILD Chairman Steve Deveaux.

"We continue to monitor sales as one indicator of how the market is doing. We have a healthy demand, but we cannot ignore that the supply of housing and choice in housing type is limited due to the underserviced land, designated for development in the GTA."

In the month of February, there were 2,798 total new homes sales with 1,465 low-rise – up 17 per cent from last February – and 1,333 high-rise, up 9 per cent from this time last year.

According to the RealNet New Home Price Index, the average price for a new low-rise home hit a new record high at $733,578 and the average high-rise price remained stable at $442,672. The price gap between low and high rise homes continues to grow. In February, it was $289,906.

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

February '15

Low Rise

High Rise

Total

Region

2013

2014

2015

2013

2014

2015

2013

2014

2015

Durham

182

184

199

5

5

23

187

189

222

Halton

74

198

184

42

93

128

116

291

312

Peel

284

407

483

26

38

55

310

445

538

Toronto

55

50

52

787

1,020

955

842

1,070

1,007

York

491

415

547

176

71

172

667

486

719

GTA

1,086

1,254

1,465

1,036

1,227

1,333

2,122

2,481

2,798

Jan-Feb

1,662

2,356

2,594

1,699

2,320

2,206

3,361

4,676

4,800

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

RELATED LINKS
http://www.newhomes.org

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