High-Rise Sales Still Driving the New Home Market
By Lucas on Aug 25, 2014
After a slow 2013, the Greater Toronto Area’s (GTA) new home market continues to show tremendous improvement through the summer, announced the Building Industry and Land Development Association (BILD).
According to RealNet Canada, BILD’s trusted source for new home market intelligence, There were 2,727 new home sales in July 2014 in the GTA. There were 1,355 low-rise sales and 1,501 high-rise sales. July’s total sales is a 41 percent year-over-year increase, and year-to-date sales is up 52 percent, resting comfortably above the 10 year average.
"While high-rise sales continue to drive the market, the low-rise sector has shown considerable strength," said BILD president and CEO Bryan Tuckey. "Sales of ground-related homes have recorded the highest July since 2009 while year-to-date sales are nearly on par with the 10-year average."
For the low-rise sector, Peel and York regions saw the most sales, with 391 and 336 respectively. In the high-rise sector, Toronto saw the most sales with 843.
According to the RealNet New Home Price Index, the average price of a low-rise home increased 6 percent to $685,413. As usual, high-rise units only went up around 2 percent, hitting $441,144.
It’s very exciting to see the GTA’s new home market rebounding after a slow 2013. Typically, summer is a slower period, but sales are strong (for both new and resale). We can’t wait to see how the fall months treat the market after all the new openings scheduled for September roll out.
