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New record-high prices for ground-related homes

Greater Toronto, December 18, 2014 - Prices in the GTA's new low-rise housing sector reached a new record high, 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 average price of a new low-rise home in the GTA reached $700,779 in November. The low-rise market refers to detached, semi-detached and townhomes.

"This is the first time the average price of a home in the GTA eclipsed the $700,000 mark," said BILD president and CEO Bryan Tuckey. "As developable land with municipal services within the boundaries of the growth plan becomes limited, its value increases. This drives up the cost of housing and reduces choice, making it increasingly challenging for our members to build homes that people can afford to purchase."

The average price of a new home in the GTA has doubled in the last 10 years. According to the RealNet Price Index, pricing in the high-rise sector increased 3 per cent to $449,371.

Sales of low-rise homes were down 11 per cent from November of last year, marking the first such decline in 2014. Sales in the high-rise sector were up 25 per cent.

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

November '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

191

201

221

17

11

25

208

212

246

Halton

294

87

137

90

133

95

384

220

232

Peel

214

404

426

75

49

141

289

453

567

Toronto

15

118

38

1,316

1,468

1,807

1,331

1,586

1,845

York

242

451

295

196

118

147

438

569

442

GTA

956

1,261

1,117

1,694

1,779

2,215

2,650

3,040

3,332

Jan-Nov

13,418

11,535

16,756

17,652

14,812

20,797

31,070

26,347

37,553

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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For additional information or to schedule an interview, please contact Andrei Zaretski at 416-391-3450 or Amy Lazar at 416-391-3452.