Photo: Kim Snyder/Flickr
Coveted ground-level homes in the GTA just got more expensive. The price tag for a new construction low-rise home hit a new high last month, according to RealNet Canada, the source of new-home market intelligence for the Building Industry and Land Development Association (BILD). Thanks in large part to a busy sales season, the new record-smashing average is $694,629.
The 1,886 low-rise sales in October represented a 27 per cent jump over the same time last year. The October sales tally was also 19 per cent above the 10-year average.
According to the agency, the surge in low-rise sales was due to a number of new project launches combined with high demand for houses, semis, and townhomes across the GTA.
New construction high-rise units didn’t repeat that sales success. Year-over-year, sales were down eight per cent compared to October 2013. However, they were were still up when you compare the year-to-date numbers. From January to October 2014, the GTA saw 18,634 new condo sales, up 42 per cent from the same time last year. While October sales may have dipped, prices still rose. Last month, the average price for a new condo was $455,535, a five per cent boost over 2013.
As of October, the chasm between a new low-rise residence and a high-rise reached $239,094.
“With the gap between the two property types steadily widening, the dream of homeownership is drifting out of reach for many, especially for first-time buyers and new Canadians already challenged to save up for a down payment,” said BILD president and CEO Bryan Tuckey.