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Housing market continues to face challenges

City of Toronto

The Building Industry and Land Development Association (BILD) and RealNet Canada announced that for the first time in months, new condominium sales were outperformed in the GTA by the sale of new detached, semis and townhomes.

Through their stats research from RealNet Canada Inc., low-rise sales add up to 1,078 – the second-lowest February on record – in comparison to 952 sales in the high-rise market. High-rise sales, however, were only 7% lower than February 2012, indicating a still existent strong demand for the condominium lifestyle.  A total of 2,030 new home and condominiums were purchased by new home buyers in the GTA in the month of February.

Just to look at February as a whole:

  • 6th lowest February High Rise sales on record – down 7% year-over-year
  • 2nd lowest February Low Rise sales on record – down 32% year-over-year
  • 2nd lowest Total February new home sales on record – down 22% year-over-year

Looking at the RealNet New Home Price Index, there has been a 13% increase in price of new low-rise homes, shifting the number to $639,124. High-rise homes, however, saw a shift with an increase in 1.3% to $539/sq foot, with the same percentage down for small units, balancing out the pricing at roughly $432,021.

BILD President and CEO Bryan Tuckey mentioned that consumer confidence had been affected by the stricter mortgage lending rules, one of reasons why the housing market is still performing below average.

Info Credit: BILD GTA

 

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