YTD2013 New Home Sales NOT the Lowest
By Lucas on Dec 27, 2013
One of RealNet’s most recent blog posts announced that the Greater Toronto Area's YTD2013 will NOT have the lowest total new home sales ever recorded by them.
RealNet has been gathering new home statistics since 2000, and has become the Building Industry and Land Development Association’s official source for new home market intelligence. Since November’s sales numbers came in, YTD2013’s sales have jumped just over 2008’s total.
2008 finished with 25,907 new home sales, and 2013 is already at 26,023. December’s sales, though there may not be a lot, will put YTD2013 even higher than 2008.
December 2008 saw the lowest amount of monthly sales that RealNet ever recorded (493 - including high-rise and low-rise). December 2012 witnessed 962 sales, which is the second lowest since 2000. We’ll have to wait until January to see how December 2013 performed.
Take a look at the chart below. It looks like 2013 will be coming in way lower than the long term average (36,924), but that doesn’t mean the housing market is in trouble. We’ve said it many times, and we’ll say it again, what goes up must come down. Just look at the sales numbers for the years following 2008. There were about 30,000 sales in 2009, about 35,000 in 2010, and 2011 was huge, hitting well over 40,000 sales!
Every time sales numbers drop, the public is flooded with headlines proclaiming a housing disaster, and that slows down sales even more. But, that has also become a part of the housing market cycle.
Thankfully, there are companies like RealNet that offer facts and numbers! Can’t wait to see how new home sales go in 2014!Read RealNet's blog post here.
