RealNet Canada released new sales figures for February. And according to the tallies of the Building Industry and Land Development Association (BILD), sales of detached, semis and townhouses overtook condo sales for the first time in a long time.
February saw new home buyers purchase 1,078 low-rises. Despite that count being the second-lowest February in the last fourteen years, low-rises outperformed high-rises, which accounted for 952 purchases. Compared to February 2012, that’s a 7 per cent decline.
BILD President and CEO Bryan Tuckey said in the new release that despite these lower numbers, the condo lifestyle is still an attractive and affordable option for many buyers.
And like the golden rule of real estate, the housing numbers were all about location.
“This February, we observed stronger sales in low-rise projects situated in desirable locations where there is pent-up demand for new ground-related housing,” said Tuckey.
Prices of low-rise homes shot up. According to the RealNet New Home Price Index, they saw a 12.7 per cent increase from the prior year, averaging at $636,124. Meanwhile, condos saw a 1.3 per cent decrease to $432,021.
However, pricing for new high-rise suites was up 1.3 per cent to $539 a square foot, meaning smaller-sized (and less expensive units) likely brought the average price down.
For more details check out the tables and graphs below…