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. 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,” said 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.

Source: RealNet Canada Inc.