GTA high-rise sales remain strong in Q1

GREATER TORONTO, April 16, 2014 /CNW/ - Sales of high-rise condominiums in the GTA have surged in the first quarter of 2014, 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 purchasers across the GTA have made the year's first quarter the strongest in the last decade. The region has experienced eight consecutive months of year-over-year increases in total sales.

High-rise sales in the first three months of the year have risen 68 per cent from 2013 – a sign that consumer confidence in the condo market has returned. So far this year, 2014 has seen the strongest January and March when it comes to high-rise sales in the last decade.

"New-home buyers in the GTA have benefited from a significant increase in new high-rise project launches so far this year," said BILD President and CEO Bryan Tuckey. "These projects have presented consumers with plenty of options when it comes to finding their new home."

"The building industry is committed to building homes people can afford to purchase. Our members have been heavily focusing on assisting purchasers with deposit and rental guarantee programs."

The low-rise sector also saw a significant increase – up 56 per cent over March 2013 and 51 per cent over the previous year's first quarter.

The RealNet New Home Price Index showed a three-per-cent increase in the low-rise sector over March 2013, bringing the average purchase price of a detached, semi or townhome in the GTA to $657,961. Pricing for high-rise homes increased two per cent to $436,898.

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

March '14	Low Rise			High Rise			Total
Region	2012	2013	2014	2012	2013	2014	2012	2013	2014
Durham	262	188	249	13	3	4	275	191	253
Halton	238	96	186	121	130	120	359	226	306
Peel	593	328	585	326	65	32	919	393	617
Toronto	115	31	30	1,428	846	2,109	1,543	877	2,139
York	617	343	581	195	175	231	812	518	812
GTA	1,825	986	1,631	2,083	1,219	2,496	3,908	2,205	4,127
Jan-Mar	4,559	2,632	3,966	3,788	2,960	4,962	8,347	5,592	8,928

 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

Aonghus Kealy, Manager, Communications, 416-391-3452 or 416-543-3903, [email protected]; Andrei Zaretski, Manager, Marketing & Media Relations, 416-391-3450 or 416-843-4898, [email protected]