Photo: James Bombales
Sales of new construction condo units in the GTA tallied 825 in January, down 25 per cent from the same time last year, according to the RealNet Canada’s latest report.
Regionally, Toronto-proper saw high-rise sales drop from 861 in January 2014 to 531 this year. Interestingly, Peel saw a modest uptick with condo sales rising from 35 to 46 year-over-year and Halton Region recording 93 new high-rise sales in 2014 and 149 in 2015.
January recorded 1,114 sales of new low-rise homes, a one per cent increase over the same time in 2014.
Still, RealNet called the new home sales “healthy” as they’re in line with historical averages. New low-rise home sales were up two per cent from the 10-year average, while low-rise sales were up 5 per cent from the 10-year average.
The gulf between low-rise homes and condos continues to widen. In January, the RealNet Price Index for a low-rise home broke records yet again, rising 8 per cent year-over-year to the new high of $710,628. This breaks December’s record sale price of $705,813, November’s record sale price of $700,779 and October’s record of $694,629.
In contrast, the price index for new condos in the GTA was $444,505 in January, up by one per cent from the year before.
“This is what happens when demand outpaces supply,” said BILD President and CEO Bryan Tuckey, in a statement accompanying the RealNet report.
The gulf between low-rise and high-rise was also notable for inventory levels. In January, there were 20,602 remaining high-rise units, in contrast to the low-rise inventory of 6,639.