Photo: James Paolo/Flickr
In December 2014, the average price for a low-rise home in the GTA rose eight per cent, year-over-year, to $705,813. Not only was this a record high price for low-rises, but as new high-rise prices increased four per cent to $454,476, the price gap between the housing types was at its largest ever. The record-breaking gulf that separates the two housing types now sits at $251,337.
“The desire to curb sprawl and encourage intensification has led to the continued condominium boom in the 416, spiking home prices and a widening price gap between low-rise and high-rise housing product,” said George Carras, President of RealNet, Altus Group.
Altogether in 2014, new home sales tallied 39,736, a 41 per cent jump over 2013, with low-rise leading the increases. Even though supply increased by 33 per cent in 2014, demand for new, ground-level homes more than kept up. Last year, 17,745 new low-rise homes were sold, a 46 per cent boost over a much weaker 2013.
Counting 21,991 sales, the new condo market recorded its third highest sales figures in the last decade (2007 and 2011 came out slightly higher with 22,211 and 28,492 suites sold, respectively).
High-rise units broke yet another record with 25,571 condo completions by end the of year. As for suite sizes, the average size of a new high-rise unit in the GTA rose to 816 square feet. RealNet suggested the increase is due to a shift in the market towards more two-bedroom condos.
Prices also edged upwards with the average price per square foot increasing 2 per cent to $557.