The home-building industry, like most, is facing the economic uncertainties of COVID-19 but it is coming into the crisis following a particularly strong start to the year in the GTA.
New-build, single-family home sales in Greater Toronto rose to the highest levels since 2004 in February — up 228 per cent year over year, as prices declined 2.2 per cent to a benchmark of about $1.09 million.
The 2,247 homes — detached, semi-detached and townhomes — sold by builders last month represented a 44 per cent increase over the 10-year average, according to the Building Industry and Land Development Association (BILD).
Condo prices continued to climb 21.3 per cent in February to $961,268 with the number of sales 197 per cent above February 2019 and 48 per cent above the decade average.
BILD CEO David Wilkes said on Wednesday that builders now face an “an uncertain time.
“As an industry, we are focused on bringing to completion many of the projects that are underway to ensure that those that were promised those units, that they are delivered,” he said.
He said builders are addressing the health and safety requirements and public-health direction of authorities working to slow the spread of COVID-19.
There had been reports last week that some construction workers were facing unsafe conditions in terms of distance from other people and sanitation at work sites.
The construction industry has been deemed an essential service by the province, but Premier Doug Ford said workers must be assured the safest possible conditions while continuing to bring projects to completion.
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