GREATER TORONTO, May 24, 2013 /CNW/ - Consumer confidence in the GTA's new homes market is still low as sales amounted to the third-worst April on record, the Building Industry and Land Development Association (BILD) announced today.
According to RealNet Canada Inc., BILD's official source for new home market intelligence, there were 987 new single, semi-detached and townhomes sold in the GTA in April, the lowest ever recorded for that month.
Year-to-date sales painted a similar picture with the total number of homes sold combining for the second-lowest on record and 30 per cent below the long-term average.
"Affordability is still a major challenge for the industry and new home buyers, particularly in the low-rise sector," said BILD President and CEO Bryan Tuckey. "We need to inspire consumer confidence in the market through the construction of quality, affordable communities in the GTA."
Sales in the high-rise sector were close to the long-term average. The numbers indicate some signs of consumer confidence as 38 per cent of new openings in April were sold within the first month. This illustrates some improvement over the year's first quarter new openings sales of 20 per cent.
The RealNet New Home Price Index showed a 6 per cent increase in the low-rise sector over April 2012, bringing the price to $627,933. Pricing for high-rise homes remained relatively unchanged at $433,132.
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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
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