BuzzBuzzHome Corp.
April 19, 2011

According to RealNet Canada Inc., which is the Building Industry and Land Development Association’s official source of new home data, there were 3,434 new homes and condos sold in March, 2011 rounding out a solid first quarter total of 9,374 units sold.

The Q1 total is down 8.5 percent from last year, a drop attributed to weakness in the low-rise, 905 housing market, which has been constrained by the low-rise land supply, according to BILD.

“Last year, we experienced the new home sales equivalent of March madness as 4,569 new homes were snapped up by homebuyers in a single month,” said BILD President and CEO Stephen Dupuis. “The 3,434 new homes sales in March of this year, albeit down 25 per cent year/year, represents a healthy but much more stable level of activity.”

Click to enlarge the RealNet numbers

Dupuis added that, “while the demand side remains strong, the interplay of factors like the HST and the new mortgage financing rules are certainly keeping the froth factor at bay as the new housing market moves into a state of sustainable equilibrium.”

All eyes on Q2.

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