Photo: Daryl Bruvelaitis/Flickr
The new home market in the GTA rebounded in May, with both the low-rise and high-rise sectors seeing a surges in sales. According to RealNet Canada Inc., there were 3,526 new houses and condos sold in the region last month, a 24 per cent increase from the 2,833 sales counted in May 2013.
High-rise sales soared up 22 per cent from 2013, making last month the third-highest May for condo sales in the last decade. The tally was also 11 per cent above the 10-year average. Low-rise sales stayed strong, rising by 27 per cent, though they remained seven per cent below the average for the decade.
The numbers were even more dramatic when you look at year-to-date sales. The first five months of 2014 saw low-rise sales total 7,516, an increase of 52 per cent over the same time in 2013. However, the total was actually a six per cent drop from the 10-year average. High rise sales amounted to 8,305, a 33 per cent spike year-over-year that was also 15 per cent higher than the 10-year average.
The low-rise sector saw a more significant rise in prices, with the Realnet Price Index increasing by five per cent year-over-year to $675,074. High-rises saw a 1 per cent boost, inching up to $437,773.
“Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market,” said BILD President and CEO Bryan Tuckey, in the news release.
For more details, check out the charts below: