2012 will be a stable year for the GTA residential construction market according to the Building Industry and Land Development Association (BILD).
There were a total of 4,819 new homes sold in the GTA in April according to stats from RealNet Canada, BILD’s source of new home market intelligence. This represents moderate and positive growth, though the total did dip from the record-breaking sales numbers experienced in 2011.
“If you compare year-to-date sales statistics since 2007, you will notice that many of them crowd around the 13,500 mark by end of April,” explained BILD President and CEO Bryan Tuckey in a press release.
“The only exceptions here are 2008 and 2009, years affected by global economic hardships, as well as 2011 which was a record-breaking year. This is a sign that the market has moderated back into stability.”
Peel Region was April’s all-star with a 56 per cent increase in total sales. The big success was due mostly to a successful month in the high-rise sector. 905 condos for the win!
The RealNet New Home Price Index saw a 13 per cent increase in the low-rise sector over April of last year ($593,064). The high-rise price dropped 3.5 per cent to $431,800.