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New home sales on the rise in the GTA

Greater Toronto, Feb. 25, 2014 - Sales of new homes and condominiums in the GTA were up significantly in January, as the industry and new-home buyers meet the challenges of rising prices, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source for new-home market intelligence, the 2,197 new homes sold represent a 74 per cent increase from 2013 and sit 16 per cent above the 10-year average.

High-rise sales marked the strongest January in the last decade, up 69 per cent from the previous year and 48 per cent above the 10-year average. Sales in the low-rise sector also improved - up 80 per cent from 2013 and just six per cent below the median.

"We are coming out of one of the strongest Januaries in the last 10 years. This confirms the GTA has excellent market fundamentals and it's a good time to buy a new home," said BILD President and CEO Bryan Tuckey, adding that the industry, government and new-home buyers must work collaboratively to help GTA residents enter the new-home market. "We are all in this together."

The RealNet New Home Price Index identified the average price of single, semi-detached and townhomes as $656,045, up three per cent over January 2013. The price index for the high-rise sector was $438,241at an increase of one per cent.
 
"We've observed six consecutive months of year-over-year increases in the GTA, which means consumer confidence in the market has returned," Tuckey added. "It is important to the GTA economy that sales have improved, because today's sales are tomorrow's jobs."

A statistical backgrounder of January new home sales is available for viewing. For additional information, contact Andrei Zaretski or Aonghus Kealy.

Jan '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

206

138

136

4

14

7

210

152

143

Halton

178

105

282

42

31

104

220

136

386

Peel

271

186

283

20

25

33

291

211

316

Toronto

30

9

45

555

495

898

585

504

943

York

480

140

297

120

118

112

600

258

409

GTA

1,165

578

1,043

741

683

1,154

1,906

1,261

2,197

Jan-Jan

1,165

578

1,043

741

683

1,154

1,906

1,261

2,197

Source: RealNet Canada Inc.

With more than 1,400 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.

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