Moving couch

by Paul Golini: Chair, BILD

 

 

House Hunting in...the GTA

Earlier this week, a headline on the New York Times website caught my eye. It read: House Hunting in...Canada.
With an enormous amount of attention paid to Toronto's condominium sales over the last year, I thought the article was another take on the same story.

But it wasn't.

The article is about house hunting in Montreal and speaks to the city's various neighbourhoods, real estate pricing and the type of people moving to and buying property in Montreal now. It even dedicated part of the article to "buying basics" for those unaware of the fees and tax structure in Quebec.

This got me thinking, what would an article like that read like if it were about the GTA?

Most importantly, it would have to speak to that fact that the GTA is one of the fastest growing regions in North America with more than 100,000 people from around the globe moving here every year.

In 2011, more than 45,000 new homes were sold in the GTA, which were nearly 10,000 more than the year before. While most of those sales represent condominium units in the City of Toronto, the neighbouring municipalities also saw an increase in new home sales. For example, the high-rise sales in York Region doubled in 2011 from the previous year.

Then it comes to pricing, the average price of a new low-rise home in February was $564,598 and a new high-rise home was $437,636.

Not only in the new home market, but in resale as well, earlier this week the Canadian Real Estate Association named Toronto the "hottest" housing market-beating out Vancouver- and others across the nation.

This is all to say that we have a robust housing market in the GTA and house-hunting is one of the many things to do here.

Paul Golini Jr. is Chair of the Building Industry and Land Development Association (BILD). You can read more from Paul and BILD by visiting the Association's official blogTwitterFacebook and Youtube accounts.