Signs of Stability in the GTA New Housing Market
GREATER TORONTO - After a record-breaking sales year in 2011, it would appear that the GTA new housing market is easing back into stability in early 2012, the Building Industry and Land Development Association (BILD) announced.
According to RealNet Canada Inc., BILD’s official source of new home market intelligence, February low-rise sales in the Greater Toronto Area increased by 16 per cent over its 2011 predecessor. However, these recent numbers fall very much in line with the historic trend when compared to February 2010, which saw 1,610 sales.
With 1,666 singles, semis and townhomes sold, the low-rise market captured the majority of the market share for the second time this year.
Meanwhile, the high-rise sector saw a 59 per cent decline, mostly caused by a transitional pause in the Toronto market as builders continue to sell existing inventory before launching a new series of projects. New home buyers in the low-rise sector saw a 10 per cent increase in prices as the impact of regulatory inertia in the development approvals process, combined with increasing government-imposed charges and fees, have begun to impact the pricing of new units.