Despite rumours and widespread media coverage predicting a preeminent collapse of the GTA housing market, BILD has released its outlook for 2012, forecasting a healthy year of stable growth within the housing sector. BILD, the Building Industry and Land Development Association, draws market information from RealNet Canada, which compiles information on both the low- and high-rise markets across the GTA.

RealNet reported 4,819 new homes sold within the GTA in the month of April, contributing to the 13,354 homes sold so far this year. In comparison, the market saw 14,868 homes sold between January and April of 2011, a difference of 1,514 homes. Of particular note is the drop in high-rise sales, which have decreased by over 1,000 units or around 6.5%, while low-rise sales have in fact increased by a couple hundred in the year-to-date, helped by a boom in Peel Region.

While these statistics could be interpreted as the beginning of a decline, BILD President and CEO Bryan Tuckey affirms these numbers are still positive, reflective of the fact that the "market has moderated back into stability." The decline in low-rise construction we've seen in the past decade has also contributed to the increased value of low-rise homes — up 13% over April 2011, currently averaging out at $593,064. In comparison high-rise unit prices have decreased by 3.5% to 431,800.

The minor decline within the GTA is largely offset by the huge increases seen in Peel Region, evidencing that condominiums are not limited to urban centres, and that they are viable and more importantly desirable in less dense regions. We look forward to seeing the second quarter stats released later this year, and will report back when they come in.