GTA High-Rise Sales Surge in May
By Lucas on Jun 20, 2014
The Building Industry and Land Development Association (BILD) and their trusted resource for new home market intelligence, RealNet Canada, announced that the sales of new homes remained stable in the Greater Toronto Area (GTA) throughout May 2014.
According to RealNet, there were 3,526 new home sales in the GTA in May 2014. At 1,862 units, high-rise sales increased 22 percent compared to the same period last year, making it the third highest May in the last 10 years, and 11 percent above the 10 year average. With 1,664 low-rise sales, this sector also saw a dramatic increase compared to May 2013, rising 27 percent, but this figure is still 7 percent below the 10 year average.
The most successful region of the GTA for the low-rise sector was York with 732 sales. Toronto saw the least low-rise sales with only 31. Toronto unsurprisingly had the most high-rise sales with 1,435, and Durham, once again, had the lowest with only two.
"Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market," said BILD President and CEO Bryan Tuckey. "This will result in the creation of hundreds of thousands of jobs in the coming year for GTA residents."
Last year, the new home building industry was responsible for creating more than 207,400 jobs, and 2014 is on track to produce more than that!
GTA average new home price
The RealNet New Home Price Index for low-rise homes increased 5 percent compared to May 2013, reaching $675,074. The average high-rise price only went up 1 percent to $437,773.
So far, the first five months of 2014 have shown an improvement on 2013’s slow sales traffic. We’re excited to see what the rest of spring and summer brings to the GTA’s new home industry!
