Photo: Simon Carr/Flickr
New home sales in the GTA continue to rise high above the levels recorded in 2013, a much rockier year for new construction residences. According the RealNet Canada’s July numbers, sales rebounded, increasing 41 per cent over the same time last year. The year-to-date sales have also grown, surging by 52 per cent and reaching higher than the 10-year average.
It’s the low-rise market that’s leading the surge with the segment seeing its busiest July since 2009. It counted 1,226 sales last month, a 50 per cent increase over July 2013. Year-to-date numbers increased by about 59 per cent. It should be noted that the numbers are fairly close the count for 2012, which came to 9,911.
The high-rise market also saw a substantial sales boost, counting 1,501 sales, a 34 per cent increase over July 2013. Year-to-date, it measured 12,655 sales, a 46 per cent increase from 2013 (however, it was only a five per cent increase over 2012 levels).
For pricing, the new low-rise market once again had the condos beat. The RealNet New Home Price Index for a ground-level home in July was $685,413, up 6.1 per cent, year-over-year. High-rise units still managed to see prices climb with a 2.4 per cent rise to $441,144.
The price gap between the two different segments continues to widen. As of last month, the price difference now sits at $244,269.
For more details, check out the table below: