April 16, 2011
As usual, our thanks to Stephen Dupuis, President and CEO of BILD (Building Industry and Land Development Association), for the following article.
I went to a BILD-hosted seminar to learn about low-rise land supply — actually, the lack thereof — but I came away with three absolutely startling statistics gleaned from the GTA residential development market perspective presented by George Carras, President of RealNet Canada Inc. and the numbers guru for the entire industry.
It was Carras who revealed last year that our high-rise housing market was the largest in North America, by far. That hasn’t changed, but last year we were second in total housing starts to Houston, Texas. This year, we’re officially the most active housing market in North America, running about 5,000 units higher than Houston.
The second startling stat revealed by Mr. Carras is that six of the top ten housing markets in North America last year were Canadian markets, with Montreal in third place, Vancouver in fourth, Edmonton in seventh, Calgary in ninth and Ottawa-Gatineau rounding out the top ten. Sandwiched into this group were Houston, Dallas, Washington and New York.
Obviously our GTA and Canadian success story is partly due to the moribund state of housing in the U.S., and this is where Carras’ third, and perhaps most startling stat enters the story.The statistic is 21 per cent. When you divide the number of new homes and condos sold in the GTA in February of this year (3,602 units) into the number of new homes and condos sold in the entire United States (approximately 17,000 units), our market would be 21 per cent of total U.S. housing sales.
The fact we are the most active housing market is great, but the statistics to celebrate are all the jobs and investment that go with being number one.
– Stephen Dupuis