New-homes market shows strong first half as prices continue to rise

July 22, 2014

New-homes market shows strong first half as prices continue to rise

Greater Toronto, June 22, 2014 - 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. 
 
statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy.

 

June '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

211

239

285

33

2

12

244

241

297

Halton

94

100

93

118

98

188

212

198

281

Peel

297

361

572

87

145

121

384

506

693

Toronto

90

29

189

1,589

966

2,026

1,679

995

2,215

York

325

369

881

457

126

241

782

495

1,122

GTA

1,017

1,098

2,020

2,284

1,337

2,588

3,301

2,435

4,608

Jan-June

9,103

6,030

9,564

10,748

7,562

10,989

19,851

13,592

20,553

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.

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For additional information or to schedule an interview, please contact Andrei Zaretski at 416-391-3450 or Aonghus Kealy at 416-391-3452.