The price gap between new low-rise and high-rise homes continues to grow in the GTA with the gulf hitting $289,906 in February, according to the latest data from RealNet. The RealNet New Home Price Index measured the average price for a new low-rise home as $733,578, a 12 per cent increase over the same time last year. It’s a marked contrast from the new high-rise average of $442,672, up just 1 per cent from February 2014.
The year-over-year differences in sales numbers were less stark. Last month, there were 1,465 new low-rise home sales in the GTA, up 17 per cent year-over-year. Meanwhile, there were 1,333 high-rise sales, a 9 per cent increase from last year.
Comparing current sales numbers to the 10-year average for the GTA reveals another divergence between the two property types. According to RealNet, low-rise sales were up 1 per cent from the 10-year average, while high-rise sales were up 16 per cent from the 10-year average.
New condos also make up a significantly larger portion of the total new home remaining inventory. Last month, there were 20,135 unsold high-rise units, compared to 6,243 low-rises. More than half of the remaining high-rise units, or 11,202, were pre-construction condos.
