DCN ARCHIVES

January 14, 2013

Highrises majority of GTA new home sales

The first 11 months of 2012 saw 31,766 new home sales in the Greater Toronto Area (GTA) and the industry is poised to finish the year strong, says the Building Industry and Land Development Association (BILD).

"The demographic reality of the GTA is that 100,000 people move here every year and new residents need a home. Our industry will continue to meet the challenge of providing high quality highrise and low-rise homes and neighbourhoods for our growing population," said BILD president and chief executive officer Bryan Tuckey.

According to RealNet Canada Inc., 2,516 new homes were sold in November, with highrise homes accounting for 1,556 of new home sales with 960 new home sales in the low-rise sector.

The GTA continues to be a robust highrise market but the lack of affordability and choice in the ground-related market is a direct result of provincial policy that encourages intensification and constrains land supply, says BILD.

In addition, the industry has been monitoring consumer confidence since the federal government made changes to the mortgage rules in July and notes that first-time home buyers are those most affected under the new rules, which have taken a considerable portion of potential purchasers out of the market.

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