Photo: Irina Souiki/Flickr
According to the latest report by RealNet Canada Inc., new home sales in the GTA were trending upward at the start of 2014 with total sales for February up 3.3 per cent from 2013. The 1,125 low-rise home sales recorded last month represented a 4.7 per cent increase over 2013. High-rise sales grew by two per cent year-over-year to 1,080.
The year-to-date numbers were much more dramatic. Total sales for 2014 amounted to 4,347, up 28 per cent from the same time last year. Still, the tally was 3.7 per cent lower than the ten-year average. Low-rise sales were actually 26 per cent below the ten-year average while new high-rise sales were down by 3.3 per cent.
Though the figures only account for the first two months of the year, it’s still a positive sign after 2013 saw the new home market sales tally slide to its second lowest level in a decade.
But how did prices fare? The RealNet New Home Price Index showed a three per cent bump in the low-rise sector over February 2013, bringing the average purchase price of a detached, semi- or townhome in the GTA to $656,814. Pricing for high-rise homes increased two per cent to $438,556.
The price gap between new low-rise housing and high-rise housing now sits at $218,258. At the end of 2013, the difference was $217,583, a condition that George Carras, President of RealNet, called “extreme.”
For new homes on the market, the total remaining inventory is made up of 31,536 units in total, split between 23,175 high rise units and 8,361 low
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Still hungry for new housing info? Explore our market snapshot for Toronto here.