As stated in a report from RealNet Canada Inc. (RealNet), new home sales across the GTA increased by a substantial 41 per cent, year-over-year, in 2014. With 39,736 transactions, the new home industry created thousands of jobs for Canadians while ensuring further job retention for years to come, says the Building Industry and Land Development Association (BILD).
According to BILD president and CEO, Bryan Tuckey, the GTA witnessed increased job creation and wage generation as a result of a strong sales year.
“The building and development industry is a major economic engine in our economy, creating approximately 200,000 well-paying jobs in construction and related fields every year,” says Tuckey. “For example, each construction crane you see is responsible for the creation of up to 500 jobs. The wages earned from these jobs later show up as purchases across the GTA, further contributing to our growing economy.”
The GTA’s high-rise sector had a record-breaking year in 2014, with 25,571 new homes built as a direct result of strong condominium sales in 2010 and 2011. With Toronto’s population growing on an annual basis, Tuckey sees increasing development and sales as both sustainable and necessary.
“Our region is increasing by up to 100,000 people each year, and it is important that our industry creates between 35,000 and 40,000 new homes annually to accommodate this growth,” says Tuckey.