New home sales were down by 25 per cent in the GTA in March from 2010, but industry players are saying it's no cause for concern.
Last month, 1,454 low-rise homes sold in the GTA, and 1,980 high-rise homes. Each of those
numbers is down by about a quarter from the same month last year, a month Stephen Dupuis, president and CEO of the Building Industry and Land Development Association (BILD) says was a sort of "March madness."
According to
BILD and
Realnet, the organization that tracks the numbers, the downturn, which extends to the 8.5 per cent decline in sales for the whole first quarter, is attributable to a surge in 905 development, and the slow but inevitable reduction in low-rise land supply in Toronto.
To illustrate Dupuis' contention that the demand remains strong, Halton experienced a 76 per cent increase in sales of low-rise homes year over year, and York saw a 14 per cent increase in high-rise sales.
Writer: Bert Archer
Source: Stephen Dupuis
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