GREATER TORONTO, July 22, 2014 /CNW/ - Sales of new homes and condominiums in the GTA continue to show strengh at the half-way mark 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, there were 4,608 new-home sales recorded in June 2014. This marked a considerable increase from last year and registered as the third-highest June in the last decade.
Renewed consumer confidence helped spur growth in total year-to-date sales by 51 per cent. This is largely a result of new-home buyers purchasing unsold inventory left over from a slow 2013.
"Half way through the year we are seeing above-average sales in the high-rise sector, particularly in the City of Toronto, which illustrates GTA residents' continued shift toward a condo lifestyle," said BILD president and CEO Bryan Tuckey. "New project launches have also contributed to the increase in low-rise sales, although rising prices for ground-related homes remain a challenge for new-home buyers."
According to the RealNet New Home Price Index, the average price of a low-rise home rose seven per cent from last year to the highest on record at $680,529. The price of a high-rise home in the GTA grew two per cent to $436,876.
A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy.
|June '14||Low Rise||High Rise||Total|
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
For further information:
416-391-3452 or 416-543-3903
Manager, Marketing & Media Relations
416-391-3450 or 416-843-4898