New-home sales in the Greater Toronto Area have rebounded from a slow 2013, the Building Industry and Land Development Association says.

There were 3,526 new homes and condominiums sold in the GTA in May, with increases in both high-rise and low-rise sectors, says BILD.

Read: Richest U.S. homes ever sold

High-rise sales were up 22% from 2013, making it the third-highest May in the last decade, and 11% above the 10-year average. Meanwhile low-rise sales rose 27%, sitting 7% below average. Prices in the low-rise sector grew 5% to $675,074. High-rise pricing increased slightly by one per cent to $437,773.

Read: Toronto home prices jump 10%

“Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market,” says BILD President and CEO Bryan Tuckey.

The building and development industry created more than 207,400 jobs in construction and related fields last year.

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Originally published on Advisor.ca

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