BILD: November New Home Market Results
By Lucas on Dec 19, 2013
The Building Industry and Land Development Association (BILD) announced an increase in new-home sales for November 2013, but year-to-date (YTD) figures are still coming in at record lows, according to RealNet Canada’s findings. New-homes sales were up 4% in November 2013 compared to the same time last year, but the YTD sales are 18% below the 10 year average.
For the low-rise sector, new-home sales were up 27% compared to last year, but 19% lower than the 10 year average, and the YTD sales were the lowest in the last decade. Throughout the entire Greater Toronto Area (GTA), November saw 1,217 low-rise sales, totalling 11,523 since the beginning of 2013. The RealNet New Home Price Index went up 5% compared to November 2012, coming in at $655,078. The region with the most low-rise sales in November was York (453), and the region with the least was Halton (62).
For the high-rise sector, new-home sales were down 9%, and 18% below the 10 year average. November accounted for 1,566 sales out of a total 14,500 sales since January. The RealNet New Home Price Index for high-rises practically stayed the same as last year, coming in at $435,620. The region with the most sales was Toronto (1,291), and the region with the least sales was Durham (11).
"Much like the rest of 2013, November continued to challenge our industry in building homes people can afford," said BILD president and CEO Bryan Tuckey. "The Ontario government is currently undergoing a public consultation to review aspects of the land-use planning system and decision-making process, as well as the financial components of the development process. The building and development industry is the major engine of economic growth in the Greater GTA and it is important to address the issue of slowing sales and rising prices as it affects job creation, community development and the economic prosperity of our region."
For a full report of November’s new home market results, click here.
