New home sales in the GTA took a pretty substantial hit in June according to new numbers released by RealNet Canada. Last month, the region recorded 2,341 sales, down 30 per cent from June 2012 and 36 per cent from the 10 year average. The tally from was also the lowest amount of transactions in June on record, or the last decade.
High-rise sales fared worse than the slight rebound seen among low-rise properties. The GTA saw 1,251 sales in June 2013, down 46 per cent from the same time last year. Altogether, the amount of sales was down 38 per cent from the 10-year average. The RealNet New Home Price Index dropped 0.5 per cent to $430,216.
The low-rise market performed reasonably well year-over-year, with its 1,090 sales in June 2013 measuring 6 per cent higher than the amount recorded during the same month in 2012 and the largest increase since March 2012. However, that’s still 34 per cent below the 10-year average and the year-to-date tally of 6,044 was the lowest amount recorded in a decade. Unlike high-rise, the drop in sales did little to dampen the cost of a low-rise home in Toronto. The RealNet New Home Price Index rose six per cent from last June, to $638,655.
Comparing the latest pricing for high-rise and low-rise properties in the GTA, it’s clear that the gap between owning a house and a condo is growing rapidly. The difference in prices now sits at $208,000.
For more details check out the tables below…
Photo: chloe delong/Flickr