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w w w .in sid e h alto n .co m |OAKVILLE BEAVER |Friday, July 2 8 , 2 0 1 7 |52 INDUSTRYNEW S New hom e sales soar in June By Tess Kalinowski New construction h om e sales, especially c o n dos, are rising even as the re-sale property mar ket continues to slump in the Toronto region. The gains in the newly-built h om e market are almost entirely due to apartments and stacked tow nhouses, which accounted for 91 per cent o f the 6,046 hom es sold in June, according to the latest numbers from the Building Industry and Land D evelopm ent Association (BILD). New c o n d o sales were up 89 per cent year over year, com pared to a 72 per cent year-over year drop in the sale o f single family homes. The strong c o n d o perform ance was due in part to the large num ber o f new projects that hit the market in May and June, said Patricia Ar senault, o f Altus Group, which tracks new h om e statistics. But their m ore affordable entry-point prices appealed to many consumers, w h o might have otherwise preferred a ground-level h om e and to investors w h o have noted the escalating price o f condos, she said. "With c o n d o prices continuing to escalate, this segm en t o f the market is b ecom in g out of reach for many consumers," warned BILD CEO Bryan Tuckey in a press release. The price o f n ew apartments rose $22,000 to $627,000 in June, com pared to May -- a 34 per cent year-over-year increase. The price per square foot, considered on e of the m ost accurate gauges to com pare condos, rose to $742, com pared to $587 a year ago. The cost o f a newly built single-family hom e, including detached, sem i-detached and tradi tional tow n houses, has risen 40 per cent in the last year to $1.25 million from $887,543. A new detached h om e averaged $1.72 mil lion last month, up 9 per cent since May. But the supply of new-build homes is an o n g o ing problem, said Tuckey, w ho appealed to the governm ent to help builders make more new homes, particularly low-rise housing, available. BILD statistics sh ow there w ere only about 11,000 new hom es on the market in June, c o m pared to about 18,000 in the same month last year. Ten years ago, about half o f the 30,300 new hom es available were single-family dwellings. "The challenges builders face, including the lack o f serviced and permit-ready developable land and out o f date zoning bylaws continue to impact the supply o f housing," said Tuckey in a press release. As new h om e sales surged in June, the num ber o f re-sale transactions declined 37 per cent year-over-year, according to the Toronto Real Estate Board. Although it reported a 6.3 per cent year-over year increase in the average re-sale h om e price that month, the cost o f a re-sale h om e actually dropped about 8 per cent or $70,000 betw een May and June this year as listings increased for the third month. (A r tis t's C o n c e p t VA N TA G E LUXURY SUITES CONTEM PO RARY C O N D O L IV IN G IN G U E LP H 1 -B E D R O O M STARTING IN THE M ID 2 0 0 'S V a ntage o ffe rs e xce p tio n a l va lu e in th e ir one, tw o a nd th re e b e d ro o m suites w ith s o u g h t-a fte r fe a tu re s a nd finishes th a t o ffe r the m ost in urban living. W hat could be b e tte r than being w ith in w a lk in g d istan ce to schools, restaurants, shopping, entertainment and Guelph's fabulous downtown. Enjoy convenient access to the 401 and the Hanlon Parkway, th a t w ill m ake your life a nd c o m m u te a w h o le lot easier. Im m e d ia te o ccup an cy! V isit us to d a y w w w .d ilo re to a n d lo n g .c o m / v a n ta g e -lu x u ry -s u ite s - g u e lp h -The Toronto Star P i BILD* BUILDING A GREATER GTA A Hamilton-Hatton Association H o m eB u ild e rs ' B U R L IN G T O N ,O A K V IL L E&W E S TG T AN E W H O M EB U Y E R S 'G U I D E P o r t f o lio o f E D IT IO NO FJU L Y28, 201! HO M ES NEW HOMES MANAGER Allan Roshko, 289-293-0680 a ro sh ko @ b u rlin g to n p o s t.co m is w h e r e SPECIAL FEATURES EDITOR Christine Davis, 289-293-0633 cd avis@ m etroland.co m PRODUCTION CO-ORDINATOR Karen Ironside, 289-293-0643 kiro n sid e @ m e tro la n d .c o m Cover Design by Karen Ironside 17 K a y C re s c e n t, G u e lp h , O N 5 1 9 -8 2 1 -3 6 0 0 A n d r e w L o n g a n d A d a m D iL o r e to * m e tro lan d m ed ia · · · C o n n e c te d to y o u r com m u nityTM www.insidehalton.com/printeditions Portfolio of New Homes and its advertisers are not responsible for errors made in advertisements or editorial. All prices are correct at press time, however, due to the lead time required to publish Portfolio of New Homes, prices and other conditions may have changed. Please note prices and conditions are subject to change w ithout notice. REID'S HERITAGE HOMES o o © rNEUMANN REAL ESTATE, BROl PRESS D E A D L IN E S Bookings: Tuesday 5pm prior to publication, Ad Materials: Wednesday Noon prior to publication Tel: 905-632-4444 Fax: 905-632-1121, 5046 Mainway, Unit #2, B urlington, Ont. L7L 5Z1 P ric e s & s p e c ific a t io n s s u b je c t to c h a n g e w ith o u t notice. E. & O .E. hom efinder.ca