New home sales remain steady in June

GREATER TORONTO, July 24, 2012 /CNW/ - Sales of new homes and condominiums in the GTA remained steady with more than 20,000 sold so far this year, the Building Industry and Land Development Association (BILD) reported today.

According to RealNet Canada Inc., BILD's official source of new home market intelligence, new home sales in June totalled 3,461, down 27 per cent from the record-setting figures of 2011 but more in-line with the long-term average calculated over the last 10 years. A quick look back shows that in June 2010, a total of 3,063 new homes were sold, while June 2009 sales totalled to 3,782 across the GTA.

The year-to-date sales totals are also closely aligned with the 10-year average. To date, a total of 20,785 homes have been sold in the GTA in 2012, meeting the increased demand observed in recent years.

"So far, the numbers have painted 2012 to be an average year when it comes to sales," said BILD President and CEO Bryan Tuckey. "What is worth noting, however, is the continued shift in the market as it gravitates towards higher-density housing."

Tuckey pointed out that as of the end of June, the high-rise market is at 38 per cent above the long-term average, ranking it the second-highest on record despite being down 20 per cent from last year. Meanwhile its low-rise counterpart sits at 27 per cent below the low-term average, largely due to record-low inventory levels as a result of reduced land supply and an emphasis on intensification by the Province of Ontario.

The RealNet New Home Price Index indicated a 10 per cent increase in the low-rise sector over June 2011 to $603,102 while high-rise pricing dropped 6 per cent to $432,256.

Please see the statistical backgrounder on new home sales in Q2 2012 here. Contact Andrei Zaretski at [email protected] or Amy Lazar at [email protected] for more information.

June '12	Low Rise			High Rise			Total
Region	2010	2011	2012	2010	2011	2012	2010	2011	2012
Durham	294	281	217	7	5	34	301	286	251
Halton	115	194	99	50	74	124	165	268	223
Peel	269	385	331	57	319	100	326	704	431
Toronto	97	94	104	1,422	2,278	1,565	1,519	2,372	1,669
York	420	761	337	332	344	550	752	1,105	887
GTA	1,195	1,715	1,088	1,868	3,020	2,373	3,063	4,735	3,461
Jan-June	9,490	9,632	9,293	10,174	14,475	11,492	19,664	24,107	20,785

Source: RealNet Canada Inc.

With more than 1,350 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.

PDF available at: http://stream1.newswire.ca/media/2012/07/24/20120724_C2243_DOC_EN_16397.pdf

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]