GTA New Home Sales Continue to Climb
By Lucas on Mar 20, 2014
The Building Industry and Land Development Association (BILD) recently announced that February’s number of new home sales in the Greater Toronto Area (GTA) marks the seventh consecutive month of year-over-year increases.
New homes sales in the GTA
According to RealNet Canada, BILD’s official source for market intelligence, there were 2,205 new home sales in February 2014. Compared to last year, February 2014’s sales were up 3%, with the low-rise market making about a 5% improvement, and high-rise sales increasing 2%. With a total 4,347 sales in the first two months of 2014, sales for the year are up 28% compared to 2013.
"Rising sales reinforce the fact that the GTA remains a great place to buy and enjoy a new home," said BILD President and CEO Bryan Tuckey. "Much of the credit goes to our members, who have continued to introduce quality, complete communities into the market."
The region with the least new low-rise sales last February was Toronto with 35. The highest selling region for the low-rise sector was Peel with 400. In total, there were 1,125 new low-rise sales in February 2014.
The region with the fewest high-rise sales was Durham with only two. The best selling region for the high-rise sector was Toronto with 885. In total, there were 1,080 new high-rise units sold last month.
New home prices in the GTA
According to the RealNet New Home Price Index, the average price for a new low-rise home went up 3% last month, reaching $656,814. For high-rise units, the average price only went up 2%, reaching $438,556.
It’s refreshing to see average prices changing at a similar rate. Perhaps the prices for low-rise housing have finally peaked and we will see them stabilize.
