Thursday, March 19, 2015
The first two months of the year’s new home sales have proven to be stable and on par with the 10-year average, the Building Industry and Land Development Association (BILD) announced today.
Total sales tallied 4,800 new homes with more low-rise than high-rise sales for the first time since 2012, a result of a few strong project launches across the GTA in February.
“The year is off to a stable start and it’s encouraging to see our sales figures meeting the 10-year average for new homes sold across the GTA,” said BILD Chairman Steve Deveaux.
“We continue to monitor sales as one indicator of how the market is doing. We have a healthy demand, but we cannot ignore that the supply of housing and choice in housing type is limited due to the under-serviced land, designated for development in the GTA.”
In the month of February, there were 2,798 total new homes sales with 1,465 low-rise – up 17 per cent from last February – and 1,333 high-rise, up 9 per cent from this time last year.
According to the RealNet New Home Price Index, the average price for a new low-rise home hit a new record high at $733,578 and the average high-rise price remained stable at $442,672. The price gap between low and high rise homes continues to grow. In February, it was $289,906.