The GTA new home market was extra hot at the start of the summer. According to RealNet Canada, there were 4,608 new home sales recorded in region for June. That’s an astonishing 89 per cent increase over the same time last year. It was also the third highest amount for sales in June in the last decade.
New low-rise homes accounted for 2,020 home sales, up 84 per cent from June 2013. RealNet counted 2,588 high-rise sales altogether, a 94 per cent increase from last year.
The 2014 numbers, however, were slightly less dramatic when compared to the tallies for 2012. Overall, new home sales in June were up 40 per cent from 2012. Interestingly, low-rise home sales increased by 99 per cent between June 2012 and June 2014. On the flip side, high-rise sales increased by 13 per cent from two years ago.
The year-to-date sales weren’t too shabby either. For the first half of the year, there were 20,553 new homes sold in the GTA, up 51 per cent from the 13,592 sales counted over the same period in 2013. The percentage increase was less dramatic when you look at 2012: sales were up by 4 per cent.
RealNet believes the sales spurt is largely due to buyers picking up unsold inventory left over from a slow 2013.
Half way through the year we are seeing above-average sales in the high-rise sector, particularly in the City of Toronto, which illustrates GTA residents’ continued shift toward a condo lifestyle,” said BILD president and CEO Bryan Tuckey, in the news release.
“New project launches have also contributed to the increase in low-rise sales, although rising prices for ground-related homes remain a challenge for new-home buyers.”
Here are some more sales stats from the report:
- The City of Toronto saw 2,026 new condo sales in June, up 110 per cent over 2013 and up 28 per cent from 2012.
- York region was by far the most popular community for low-rise home sales in the GTA: it counted 881 sales last month, up 139 per cent from the 369 sales last year and 171 per cent from 2012’s tally of 325.
- Altogether, York had the second biggest new home market in June with sales totalling 1,122, up 127 per cent from 2013 and 43 per cent above 2012.
But how about prices? According to the RealNet New Home Price Index, the average price tag for a low-rise home rose 7 per cent from last year to the highest point on record at $680,529. The price of a high-rise home in the GTA grew more modestly with a 2 per cent increase to $436,876.
For more details check out the table below: