Photos: James Bombales
June proved to be a busy month for the new housing market with RealNet Canada reporting an increase in both sales and prices. According to numbers released Wednesday, the surge wasn’t just limited to low-rise homes, which have typically outperformed the new condo market in recent months.
The low-rise sector counted 2,381 sales last month, a year-over-year increase of 17 per cent. There were 2,833 sales of high-rise units, a five per cent bump over June 2014. Though the boost in condo sales was comparatively small, it was the first month since February that saw a year-over-year increase in transactions: March recorded a 33 per cent annual drop in condo sales, April saw sales slip by 3 per cent and May experienced a 12 per cent decline.
The average price of a new high-rise unit in the GTA rose by 1 per cent, year-over-year, to $441,135 in June. Perhaps it was the relative affordability of the condo sector that accounts for the increase in sales. New low-rise homes, which include detached, semi-detached and townhomes, saw price growth accelerate, increasing 15.5 per cent from the same time last year to the average of $785,800. That breaks the record set in May, when the average price rose to $783,995.
As low-rise homes see double-digit price gains, the gap between the two housing sectors continues to widen. In June, the gulf between the average sale price for a new low-rise and new-high rose home was $344,665, beating the$343,492 record high set the month before.