GTA New Home Sales Jump in January 2014
By Lucas on Feb 27, 2014
According to a recent announcement by the Building Industry and Land Development Association (BILD), January 2014 showed significant gains for new home sales in the Greater Toronto Area (GTA)!
RealNet Canada, BILD’s official source for new home market intelligence, reported 2,197 new home sales for January 2014, which was a 74% increase compared to 2013 and 16% higher than the 10-year average.
January was particularly successful for the high-rise sector, which saw 1,154 new home sales - that makes it the best-selling January in the last decade! Sales were up 69% compared to 2013 and 48% above the 10-year average. The RealNet New Home Price Index for high-rise sales only increased 1% to $436,564.
The best performing region for the high-rise sector was Toronto with 898 sales, while the fewest sales were in Durham (seven).
The low-rise sector also put up some impressive numbers. With 1,043 sales, January 2014 performed 80% better than 2013, and was only 6% below the median. The RealNet New Home Price Index for low-rise units increased 3% to $654,147.
The best performing regions for the low-rise sector was Peel and Halton with 283 and 282 sales respectively. Toronto saw the fewest low-rise sales with only 45.
"We are coming out of one of the strongest Januaries in the last 10 years. This confirms the GTA has excellent market fundamentals and it's a good time to buy a new home," said BILD President and CEO Bryan Tuckey. He also stressed the importance of working together as an industry to make homeownership a more realistic dream for GTA residents.
"We've observed six consecutive months of year-over-year increases in the GTA, which means consumer confidence in the market has returned," Tuckey added. "It is important to the GTA economy that sales have improved, because today's sales are tomorrow's jobs."
