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Low-rise pricing reaches new heights

Greater Toronto, April 21, 2015 - The supply of new low-rise housing dropped to record low levels in March, driving the prices to a record high, the Building Industry and Land Development Association (BILD) announced today.

Low-rise inventory levels, representing all new ground-related homes available for purchase in the region, dropped 33 per cent to a record-low 5,711, according to RealNet Canada Inc., BILD's official source for new-home market intelligence.

The RealNet New Home Price Index showed a 12 per cent increase in the average price for a new low-rise home since last March, bringing the total up to a new record high of $738,731.

"This is a perfect example of demand outpacing supply," explained BILD president and CEO Bryan Tuckey. "New ground-related homes are sold as soon as they are introduced into the market, resulting in high sales figures for the month, but low inventory overall."

"This significantly reduces choice for new-home buyers and continues to play a key role in the growing price of new and existing homes," Tuckey added.

The average price of a high-rise home grew to $450,133, up 3 per cent from March 2014. The price gap between the average low and high rise homes in the GTA continues to grow as well, now sitting at $288,598.
 
A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar.

March '15

Low Rise

High Rise

Total

Region

2013

2014

2015

2013

2014

2015

2013

2014

2015

Durham

189

263

265

3

9

11

192

272

276

Halton

97

188

338

129

123

90

226

311

428

Peel

333

563

496

65

37

161

398

600

657

Toronto

33

68

48

842

2,169

1,248

875

2,237

1,296

York

346

585

624

177

229

209

523

814

833

GTA

998

1,667

1,771

1,216

2,567

1,719

2,214

4,234

3,490

Jan-Mar

2,663

4,024

4,378

2,909

4,886

4,134

5,572

8,910

8,512

Source: RealNet Canada Inc.

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.

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