The April numbers just released by RealNet point to a new normal in the Toronto market: far less new low rise stock and far more new high rise homes is widening the price gap.
In a new video, RealNet President George Carras details just how few low rise houses are available. One of every two low rise home options that existed in 2009 are now missing from the market.
As far as new homes are concerned, there are currently three high rise units for every new low rise property available in Toronto.
A look at some of the stats:
April 2013 Sales
- High rise sales totalled 1,856, down 43 per cent from April 2012, which was roughly in line with the ten-year average.
- Low rise sales totalled 987, down by 45 per cent from April 2012, for an amount that was even lower than the financial crisis in April 2009. As Carras points out, you can’t sell what doesn’t exist: there are far fewer new low-rise homes being built in the city today.
- The total amount of new homes sales tallied 2,843, down 44 per cent from April 2012.
- High rise sales totalled 4,762
- Low rise sales followed fairly close behind at 3,660
- The total year-to-date sales numbered 8,422, the second lowest year on record.
- For high rise properties 22,354 new homes remained on the market, the highest amount on record. Thus far, 8 news high rise projects launched, adding up to 2,844 units to the market.
- 7,443 new low rise properties remained on the market, a 49 per cent drop from April 2009.
- In total, 29,797 new homes remained
- High rises stayed relatively the same price since 2012, their prices flattening to $433,122 from the previous year
- Low rises however, saw values increase by 6 per cent from the previous year.
For more details about long-term averages check out the charts below…