GREATER TORONTO, Dec. 18, 2014 /CNW/ - Prices in the GTA's new low-rise housing sector reached a new record high, the Building Industry and Land Development Association (BILD) announced today.

According to RealNet Canada Inc., BILD's official source for new-home market intelligence, the average price of a new low-rise home in the GTA reached $700,779 in November. The low-rise market refers to detached, semi-detached and townhomes.

"This is the first time the average price of a home in the GTA eclipsed the $700,000 mark," said BILD president and CEO Bryan Tuckey. "As developable land with municipal services within the boundaries of the growth plan becomes limited, its value increases. This drives up the cost of housing and reduces choice, making it increasingly challenging for our members to build homes that people can afford to purchase."

The average price of a new home in the GTA has doubled in the last 10 years. According to the RealNet Price Index, pricing in the high-rise sector declined 3 per cent to $449,371.

Sales of low-rise homes were down 11 per cent from November of last year, marking the first such decline in 2014. Sales in the high-rise sector were up 25 per cent.

A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar.

 Source: RealNet Canada Inc.

With more than 1,400 members, BILD, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area.  BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.

SOURCE Building Industry and Land Development Association