GTA new home sales stable

By NextHome Staff
March 23, 2015

The first two months of the year's new home sales have proven to be stable and on par with the 10-year average, according to the Building Industry and Land Development Association (BILD).

Total sales tallied 4,800 new homes, with more lowrise than highrise sales for the first time since 2012, a result of a few strong project launches across the GTA in February.

"The year is off to a stable start, and it's encouraging to see our sales figures meeting the 10-year average for new homes sold across the GTA," says BILD Chairman Steve Deveaux.

"We continue to monitor sales as one indicator of how the market is doing. We have a healthy demand, but we cannot ignore that the supply of housing and choice in housing type is limited due to the underserviced land, designated for development in the GTA."

In the month of February, there were 2,798 total new homes sales with 1,465 lowrise – up 17 per cent from last February, and 1,333 highrise – up nine per cent from this time last year.

According to the RealNet New Home Price Index, the average price for a new lowrise home hit a new record high at $733,578, and the average highrise price remained stable at $442,672. The price gap between low- and highrise homes continues to grow. In February, it was $289,906.

GTA new home sales