April 18 - GTA’s new home market back on track in March

April 18, 2012

GTA's new home market back on track in March

Greater Toronto, April 18, 2012 - Following a slow start in 2012, the new homes market in the GTA is back on track in March, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, new home buyers in the GTA purchased 3,625 new homes and condominiums in March - a number nearly identical to that of March 2011. 

"The slowdown this market typically exhibits in the early months of each year has ended, and as builders roll out new projects, we are seeing numbers similar to that of last year," explained BILD Acting President Joe Vaccaro. "The difference in 2012 is that we are seeing more activity outside the City of Toronto, as well as a more balanced market, with the low-rise sector still recovering the market share lost in 2011."

The high-rise sector was down eight per cent over March 2011, due in part to the 31 per cent decline in the Toronto market.

Meanwhile, low-rise sales were up 12 per cent to 1,666 units, with the highest levels of activity taking place in Peel and York Regions.

The RealNet New Home Price Index indicated a 10 per cent increase in the low-rise sector over March 2011 ($576,567), while high-rise pricing dropped six per cent to $421,839.

March '12

Low Rise

 

High Rise

 

Total

 

Region

2011

2012

% Change

2011

2012

% Change

2011

2012

%Change

Durham

257

267

3.9%

5

16

220.0%

262

283

8.0%

Halton

276

241

-12.7%

68

138

102.9%

344

379

10.2%

Peel

375

599

59.7%

88

331

276.1%

463

930

100.9%

Toronto

61

34

-44.3%

1,859

1,277

-31.3%

1,920

1,311

-31.7%

York

516

525

1.7%

108

197

82.4%

624

722

15.7%

GTA

1,485

1,666

12.2%

2,128

1,959

-7.9%

3,613

3,625

0.3%

Jan-March

4,054

4,489

10.7%

5,476

3,705

-32.3%

9,530

8,194

-14.0%

Source: RealNet Canada Inc.

With more than 1,350 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.
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For further information, contact:

Andrei Zaretski
Manager of Marketing and Media Relations
416-391-3450 or 416-843-4898
azaretski@bildgta.ca

Amy Lazar
Manager of Communications
416-391-3452 or 416-543-3903
alazar@bildgta.ca