According to the RealNet Canada/BILD 2013 Strategic Review, the GTA saw 28,406 new homes purchased last year – 16,201 high-rise units and 12,205 low-rise properties. The total was down 13 per cent from 2012 and 23 per cent below the 10 year industry average (Tweet this). All-in-all, the tally was the second lowest number of new home sales counted in the last decade.
New home supply in the GTA also saw a double digit drop. In 2013, 12,256 low-rise and 17,798 high-rise properties came online, but the total of 30,054 units listed was 22 per cent lower than the year before. It was also the second lowest level of new supply in the last 10 years.
For the month of December, new home sales came to 1,711, an astonishing 79 per cent increase of 2012. It was also the fifth month in a row where the total sales were an improvement over the year before.
“Our analysis of the 2013 housing market data suggests growing evidence that a recovery is underway,” said RealNet’s George Carras in the news release.
Here are a few other fast facts from the report on 2013:
- More than half (57 per cent) of all new homes sales in the GTA in 2013 were high-rise units.
- Total high rales sales dipped 13 per cent from the year before and came in 11 per cent below the ten year average.
- The average unit price increased by 1.1 per cent to $548 per square foot while unit sizes shrank by 1 per cent to a new average of 796 square feet.
- The High-Rise Price Index largely flatlined, climbing by just 0.1 per cent from 2012 to $436,564.
- The new low-rise market saw its second lowest total in the last decade, dropping 12 per cent from 2012 and 34 per cent from the ten-year average.
- The Low-Rise Price Index rose nearly 3.5 per cent to $654,147 from 2012.
- Before 2011, the average price difference between single family and multi-unit housing was $75,806, but the gulf grew to $217,583 by the end of last year, a condition George Carras calls “extreme”.