May 23 - Stability is the word for the GTA's housing market

May 23, 2012

Stability is the word for the GTA's housing market

GREATER TORONTO, May 23, 2012 - The residential construction market in the GTA is on pace for a healthy, stable year, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, the 4,819 new homes sold in the GTA in April represent moderate and positive growth, despite dipping slightly from the record-breaking sales witnessed in 2011.

"If you compare year-to-date sales statistics since 2007, you will notice that many of them crowd around the 13,500 mark by end of April," explained BILD President and CEO Bryan Tuckey. "The only exceptions here are 2008 and 2009, years affected by global economic hardships, as well as 2011 which was a record-breaking year. This is a sign that the market has moderated back into stability."

Peel Region led the way in April with a 56-per-cent increase in total sales, largely thanks to a highly successful month in the high-rise sector.

Total high-rise sales in the GTA were down 6.5 per cent while sales in the low-rise sector declined by 12 per cent.
The RealNet New Home Price Index indicated a 13 per cent increase in the low-rise sector over April 2011 ($593,064), while high-rise pricing dropped 3.5 per cent to $431,800.

April '12

Low Rise  

 

High Rise  

 

Total  

 

Region

2011

2012

% Change

2011

2012

% Change

2011

2012

% Change

Durham

299

274

-8.4%

4

5

25.0%

303

279

-7.9%

Halton

136

90

-33.8%

189

154

-18.5%

325

244

-24.9%

Peel

633

755

19.3%

88

370

320.5%

721

1,125

56.0%

Toronto

108

64

-40.7%

2,512

2,036

-18.9%

2,620

2,100

-19.8%

York

749

515

-31.2%

546

556

1.8%

1,295

1,071

-17.3%

GTA

1,925

1,698

-11.8%

3,339

3,121

-6.5%

5,264

4,819

-8.5%

Jan-April

6,035

6,307

4.5%

8,833

7,047

-20.2%

14,868

13,354

-10.2%

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:

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

or

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