The Building Industry and Land Development Association (BILD) released its March new home sales statistics for the Greater Toronto Area. According to RealNet Canada Inc. – BILD’s primary source for market intelligence –  the new home sales market witnessed 3,434 new homes and condos sold in March 2011.

In total, 9,374 units were sold from January to March (Q1), down 8.5% versus the first quarter of 2010. The decline in low-rise sales in the 905 area code – mainly due to a lack of supply –  was key to the first quarter sales falling below last year.

“Last year, we experienced the new home sales equivalent to March madness as 4,569 new homes were snapped up by homebuyers in a single month. The 3,434 new homes sales in March of this year, albeit down 25% year over year, represents a healthy but much more stable level of activity,” said BILD President and CEO, Stephen Dupuis.

“While the demand side remains strong, the interplay of factors like the HST and the new mortgage financing rules are certainly keeping the froth factor at bay as the new housing market moves into a state of sustainable equilibrium,” he added.”You can’t sell what you don’t have,” said RealNet President George Carras, adding that low-rise supply is currently well below our normal standard.

“Active new home inventories are well below the long-term average levels.”With more than 1,350 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.