RealNet released their GTA new home market data for 2012 this morning at a press conference held in Woodbridge.
The total new homes sales number for both new low-rise and high-rise was 32,824, a decline of 29 per cent from 2011 and the second lowest level since 2000. There were 18,755 high-rise sales, the fourth highest number since 2000, but a 35 per cent decline from the record smashing 2011 level.
On the low-rise front, there were 14,069 sales in 2012, representing the second lowest level since 2000 and a 20 per cent decline from 2011. The low-rise total represents 43 per cent of the total market sales.
Here are a few more highlights from the RealNet 2012 data release:
- The decline in low-rise sales was driven by the decline in low-rise supply which has experience a 52 per cent drop in the last 48 months and the increase in the Low Rise Index Price (up 44 per cent in the last 48 months).
- Total active inventory levels increased to 29 per cent to 28,522. This represents a return to long term normal levels (between 25,000 and 30,000 units).
- Active inventory composition: 26 per cent low-rise, 74 per cent high-rise (as of December 31st, 2012).
- The active inventory composition is nearly a complete inverse from a decade ago (63 per cent low-rise, 37 per cent high-rise).
- The Index Price of a new low-rise home reached a record high of $632,868 (as of December 31st, 2012), a 16 per cent increase over 2011.
- The Index Price of a new high-rise home was $436,024 (as of December 31st, 2012), an increase of 0.4 per cent from 2011.
- The Index Size of a new high-rise home declined to 804 square feet, down 16 feet from 2011.
- The Index Price per Square Foot rose by two per cent.
- 88 per cent of high-rise units under construction were pre-sold as of December 31st, 2012.
- There was a record high of 60,713 units through 237 projects under construction at the end of 2012.
Hopefully you were able to absorb all that amazing and insightful data. Congratulations to RealNet for painting another comprehensive image of the GTA new home market.