media

News Releases

201620152014201320122011201020092008200720062005

New ground-related homes hit record-high prices

Greater Toronto, November 20, 2014 - The price of a new low-rise home in the GTA reached a new record-high amidst strong sales this October, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source for new-home market intelligence, low-rise pricing reached $694,629, eclipsing the previous record set just one month prior.

High-rise sales in October showed a moderate decrease of 8 per cent, but remain on par with the 10-year average. The average price of a high-rise home was up 5 per cent to $455,535 as new projects across the GTA introduce larger suite sizes to accommodate consumer preference.

RealNet sales figures for October showed that there were 1,886 new detached, semi-detached and townhomes sold across the GTA, which is up 27 per cent over October 2013 and 19 per cent above the 10-year average.

BILD attributes the strong low-rise sales to a number of new project launches combined with high demand for ground-related housing in the GTA.

"Building homes that people can afford to purchase is a significant challenge for our industry as it affects all current and future residents of the GTA," said BILD president and CEO Bryan Tuckey. "With the gap between the two property types steadily widening, the dream of homeownership is drifting out of reach for many, especially for first-time buyers and new Canadians already challenged to save up for a down payment."

Tuckey explained that escalating prices are a result of constrained land supply, an outdated planning approvals process and increasing government fees and charges across GTA municipalities.

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

October '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

218

291

242

11

26

40

229

317

282

Halton

100

110

208

33

333

99

133

443

307

Peel

271

392

523

223

78

84

494

470

607

Toronto

12

94

77

1,518

1,471

1,788

1,530

1,565

1,865

York

271

594

836

216

441

147

487

1,035

983

GTA

872

1,481

1,886

2,001

2,349

2,158

2,873

3,830

4,044

Jan-Oct

12,462

10,267

15,579

15,961

13,089

18,634

28,423

23,356

34,213

Source : RealNet Canada Inc.

-30-

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.