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.
|MOST POPULAR STORIES|
|TODAY’S TOP CONSTRUCTION PROJECTS|
These projects have been selected from 309 projects with a total value of $9,233,720,297 that Reed Construction Data Building Reports reported on Wednesday.
$500,000,000 Ottawa ON Prebid
$500,000,000 Niagara Falls ON Prebid
$358,545,063 Ottawa ON Negotiated
- Concrete awards recognize Ontario’s best
- New changes will strengthen the culture
- Highway projects completed for 2013
- Lack of established areas driving up home prices
- Auto association pushes for dedicated funding
- New airport construction breaks ground
- U.S. manufacturing sector rising at a quick pace
- Oil projects help to lower deficit
- VIDEO: Journal of Commerce Update for the week of December 9th, 2013
- Vandals cause nearly $250,000 in water damage
- Construction cut back in latest B.C. budget update
- Alberta and Manitoba led the pack for labour productivity
- Feds infrastructure commitment re-affirmed
- Infrastructure impacted by climate change
- West End Residential rises
- Changing procurement impacts felt
- Aurora LNG files export bid
- New Brunswick premier touts pipeline jobs