Robust high-rise market buoys GTA new home sales

TORONTO, The building and land development industry has sold 31,766 new homes in the first 11 months of the year and is poised to finish the year strong, the Building Industry and Land Development Association (BILD) reported today.

"The demographic reality of the GTA is that 100,000 people move here every year and new residents need a home. Our industry will continue to meet the challenge of providing high quality high-rise and low-rise homes and neighbourhoods for our growing population," said
BILD President and CEO Bryan Tuckey.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, 2,516 new homes were sold in November and it was a strong month for high-rise sales. Still holding a prominent share of the market, there were 1,556 new high-rise homes sold across the GTA in November. On the low-rise side, there were 960 new homes sold in November.

The GTA continues to be a robust high-rise market but the lack of affordability and choice in the ground-related market is a direct result of provincial policy that encourages intensification and constrains land supply.

In addition, the industry has been monitoring consumer confidence since the federal government made changes to the mortgage rules in July and notes that first-time home buyers are those most affected under the new rules, which have taken a considerable portion of potential purchasers out of the market.

The RealNet New Home Price Index for a low-rise home rose 16 per cent over November 2011 to $625,473 while pricing for high-rise homes increased 2 per cent to $437,264.

A statistical backgrounder can be found here. Contact Amy Lazar at alazar@bildgta.ca for more information.

Nov '12	Low Rise			High Rise			Total
Region	2010	2011	2012	2010	2011	2012	2010	2011	2012
Durham	182	190	193	6	10	16	188	200	209
Halton	687	266	297	67	262	108	754	528	405
Peel	371	440	221	208	176	69	579	616	290
Toronto	104	78	14	2,124	2,982	1,183	2,228	3,060	1,197
York	456	566	235	133	422	180	589	988	415
GTA	1,800	1,540	960	2,538	3,852	1,556	4,338	5,392	2,516
Jan-Nov	15,449	16,734	13,663	20,014	27,659	18,103	35,463	44,393	31,766

Source: RealNet Canada Inc.

With more than 1,375 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.

Recent Post