According to the latest numbers from RealNet Canada, the average price for a new construction, low-rise home in the GTA reached its highest point ever. The new average, $700,779, was up seven per cent over the same time last year. The average price for a new condo unit reached $449,371 in November, up three per cent from last year.
Altogether, the average price of a new home in the GTA has doubled in the last 10 years.
“This is the first time the average price of a home in the GTA eclipsed the $700,000 mark,” said BILD president and CEO Bryan Tuckey.
“As developable land with municipal services within the boundaries of the growth plan becomes limited, its value increases. This drives up the cost of housing and reduces choice, making it increasingly challenging for our members to build homes that people can afford to purchase.”
Interestingly, sales in the low-rise sector dropped to 1,117 sales last month, down 11 per cent from the year before. It was also the first such decline this year. Conversely, the high-rise market saw a 25 per cent year-over-year boost in sales.
The year-to-date numbers were fairly strong for both housing types. Low-rise sales, between January and November, totalled 16,756. Though the tally was a 45 increase over last year, the numbers were in line with the 10-year average.
High-rise units saw 20,797 sales year-to-date, up 40 per cent from 2013 and 15 per cent from the 10-year average.