Low-rise pricing reaches new heights

GREATER TORONTO, April 21, 2015 /CNW/ - The supply of new low-rise housing dropped to record low levels in March, driving the prices to a record high, the Building Industry and Land Development Association (BILD) announced today.

Low-rise inventory levels, representing all new ground-related homes available for purchase in the region, dropped 33 per cent to a record-low 5,711, according to RealNet Canada Inc., BILD's official source for new-home market intelligence.

The RealNet New Home Price Index showed a 12 per cent increase in the average price for a new low-rise home since last March, bringing the total up to a new record high of $738,731.

"This is a perfect example of demand outpacing supply," explained BILD president and CEO Bryan Tuckey. "New ground-related homes are sold as soon as they are introduced into the market, resulting in high sales figures for the month, but low inventory overall."

"This significantly reduces choice for new-home buyers and continues to play a key role in the growing price of new and existing homes," Tuckey added.

The average price of a high-rise home grew to $450,133, up 3 per cent from March 2014. The price gap between the average low and high rise homes in the GTA continues to grow as well, now sitting at $288,598.

A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar.

March '15	Low Rise			High Rise			Total
Region	2013	2014	2015	2013	2014	2015	2013	2014	2015
Durham	189	263	265	3	9	11	192	272	276
Halton	97	188	338	129	123	90	226	311	428
Peel	333	563	496	65	37	161	398	600	657
Toronto	33	68	48	842	2,169	1,248	875	2,237	1,296
York	346	585	624	177	229	209	523	814	833
GTA	998	1,667	1,771	1,216	2,567	1,719	2,214	4,234	3,490
Jan-Mar	2,663	4,024	4,378	2,909	4,886	4,134	5,572	8,910	8,512

 Source: RealNet Canada Inc.

With more than 1,450 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.

SOURCE Building Industry and Land Development Association

Amy Lazar, Manager, Communications, 416-391-3452 or 416-543-3903, [email protected]; Andrei Zaretski, Manager, Marketing & Media Relations, 416-391-3450 or 416-843-4898, [email protected]