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Strong new-home sales fuel job growth

Greater Toronto, January 20, 2015 - Sales of new homes and condominiums in the GTA reached nearly 40,000 last year, creating thousands of new jobs and paving the way for job retention for years to come, the Building Industry and Land Development Association (BILD) announced today.

"Sales of homes today translate into the jobs of tomorrow," said BILD President and CEO Bryan Tuckey, emphasizing that job creation and wage generation are two benefits of a strong sales year.

The GTA saw 39,736 new home transactions in 2014, according to a report by RealNet Canada Inc., BILD's official source for new-home market intelligence. The new-home sales tally is 41-per cent higher than the 2013 total.

"The building and development industry is a major economic engine in our economy, creating approximately 200,000 well-paying jobs in construction and related fields every year, " Tuckey added. "For example, each construction crane you see is responsible for the creation of up to 500 jobs. The wages earned from these jobs later show up as purchases across the GTA, further contributing to our growing economy."

He explained that 2014 sales fall within the range necessary to accommodate the GTA's rising population growth: "Our region is increasing by up to 100,000 people each year, and it is important that our industry creates between 35,000 and 40,000 new homes annually to accommodate this growth."

High-rise completions set a new record in 2014 with 25,571 new homes built - the result of strong condominium sales in 2010 and 2011. The low-rise sector also had a record-breaking year, with the average price for a ground-related home in the GTA exceeding $700,000 for the first time.

The RealNet New Home Price Index shows average prices in the low-rise sector up 8 per cent at the end of 2014, reaching a new record high of $705,813. The high-rise market saw a more moderate increase of 4 per cent, reaching a year-end average price of  $454,476.
 
A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar.

December '14

Low Rise

High Rise

Total

Region

2012

2013

2014

2012

2013

2014

2012

2013

2014

Durham

83

117

137

10

0

37

93

117

174

Halton

92

32

53

27

88

72

119

120

125

Peel

126

181

198

49

29

69

175

210

267

Toronto

11

19

50

376

934

900

387

953

950

York

87

235

377

72

123

98

159

358

475

GTA

399

584

815

534

1,174

1,176

933

1,758

1,991

Jan-Dec

13,815

12,115

17,745

18,172

15,986

21,991

31,987

28,101

39,736

Source: RealNet Canada Inc.

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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.