November 30, 2012
GTA new home sales decline again
Stricter lending restrictions have led to a drop in consumer confidence and affordability, causing Greater Toronto Area (GTA) new home sales to decline for the third consecutive month, says the Building Industry and Land Development Association (BILD).
“In an attempt to cool down the market, the federal government has severely affected the building and development industry in the GTA,” said BILD president and chief executive officer Bryan Tuckey.
According to RealNet Canada Inc., 2,792 new homes were sold in October, which is the second-lowest October record. Due to three consecutive low sales months, year-to-date sales of 29,322 new homes across the GTA have slipped to 14 per cent below the long-term average — the third-lowest in BILD’s records.
The highrise sector still holds a prominent share of the market, with 1,914 sales in October 2012, totaling the fifth-highest October on record. Tuckey said 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.
DCN NEWS SERVICES
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 321 projects with a total value of $20,605,386,875 that Reed Construction Data Building Reports reported on Friday.
$500,000,000 Province of Ontario ON Prebid
$139,300,000 Toronto ON Prebid
$67,650,000 Toronto ON Prebid
- NTCCC takes to Parliament Hill tomorrow
- Emerald Park Progress
- “Super beam” installed in Montreal Champlain Bridge repair
- Is there energy gold to be mined in sewage processing?
- Ottawa LRT tunnel boring machines named
- Better transportation key to quality of life, states CivicAction
- Three World Cup stadiums behind schedule
- Ontario introduces legislation to help protect vulnerable workers
- Istanbul’s Grand Bazaar inspires design of new strip mall currently being built in Las Vegas
- VIDEO: Journal of Commerce Update for the week of December 9th, 2013
- Building the One
- New design-build contracts released
- Sales tax transition has been a mixed bag for industry
- Taseko files for judicial review of gold mine assessment
- Contract uncertainty and price escalation
- Edmonton college expansion moves ahead
- Council of Construction Associations names Dave Baspaly as new president
- $100 million added to Calgary's capital budget
- Massive investment will complete Kitimat smelter project
- Manitoba invests $45 million
- Corruption charge in probe of SNC-Lavalin