Sales of New Homes Remain Stable in the GTA

GREATER TORONTO, June 20, 2014 — May new-home sales in the Greater Toronto Area have rebounded from a slow 2013 and returned to healthy levels, 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 3,526 new homes and condominiums sold in the GTA in May, with increases in both high-rise and low-rise sectors.
High-rise sales were up 22 per cent from 2013, making it the third-highest May in the last decade and 11 per cent above the 10-year average. Meanwhile low-rise sales rose 27 per cent, sitting seven per cent below average.
"Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market," said BILD President and CEO Bryan Tuckey. "This will result in the creation of hundreds of thousands of jobs in the coming year for GTA residents."
The building and development industry is a major engine in the regional and provincial economy, creating more than 207,400 jobs in construction and related fields last year.
According to the RealNet New Home Price Index, prices in the low-rise sector grew five per cent to $675,074. High-rise pricing increased slightly by one per cent to $437,773.