The Building Industry and Land Development Association (BILD) said that sales of high-rise condominiums in the GTA have surged in the first quarter of 2014.
New-home purchasers across the GTA have made the year’s first quarter the strongest in the last decade,according to RealNet Canada Inc., BILD’s official source for new-home market intelligence. The region has experienced eight consecutive months of year-over-year increases in total sales.
High-rise sales in the first three months of the year have risen 68 per cent from 2013 – a sign that consumer confidence in the condo market has returned. So far this year, 2014 has seen the strongest January and March when it comes to high-rise sales in the last decade.
“New-home buyers in the GTA have benefited from a significant increase in new high-rise project launches so far this year,” stated BILD President and CEO Bryan Tuckey. “These projects have presented consumers with plenty of options when it comes to finding their new home.”
“The building industry is committed to building homes people can afford to purchase. Our members have been heavily focusing on assisting purchasers with deposit and rental guarantee programs.”
The low-rise sector also saw a significant increase – up 56% over March 2013 and 51% over the previous year’s first quarter.
The RealNet New Home Price Index showed a three-per-cent increase in the low-rise sector over March 2013, bringing the average purchase price of a detached, semi or townhome in the GTA to $657,961. Pricing for high-rise homes increased two per cent to $436,898.