Low-rise sales continue to slide

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.

A statistical backgrounder and a video analysis of are available for download. For additional information, contact Amy Lazar or Andrei Zaretski.

April '13	Low Rise			High Rise			Total
Region	2011	2012	2013	2011	2012	2013	2011	2012	2013
Durham	302	272	150	3	7	3	305	279	153
Halton	136	170	71	189	148	220	325	318	291
Peel	630	717	403	79	328	128	709	1,045	531
Toronto	108	62	60	2,515	2,305	1,343	2,623	2,367	1,403
York	751	585	303	542	472	162	1,293	1,057	465
GTA	1,927	1,806	987	3,328	3,260	1,856	5,255	5,066	2,843
Jan-April	8,764	7,151	4,762	6,035	6,397	3,660	14,799	13,548	8,422

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

Amy Lazar
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]