Photo: Michael Gil/Flickr
The average asking price for new low-rise homes and new high-rise homes per square foot both reached new highs last month in the GTA, according to numbers released Thursday from market research firm RealNet.
For new low-rise homes, which include detached and semi-detached homes as well as townhomes, the average asking price hit a record-setting $806,391 last month, according to RealNet’s New Home Price Index.
The increase is part of a larger trend that has seen low-rise home prices jump up by 109 per cent in the last decade.
Meanwhile, the average price in the GTA for a new high-rise home in July was $446,398, up 1 per cent from the same period last year.
Notably, the average price per square foot for high-rise homes is higher than ever before at $570, yet the average unit size is setting a different kind of record — it’s at an all-time low at 783 square feet.
Compared to numbers from RealNet’s 2014 year-end report, the decrease puts the average size 33 square feet smaller than in 2014 when it was 816 square feet. Meanwhile the July price per square foot is $13 more expensive than last year’s annual average of $557.
Since 2005, when the average condo suite was $284,598, prices have catapulted upward by 57 per cent. But due to the limited availability of low-rise homes — inventory sits at 4,550, a record low — the price gap between low-rise and high-rise homes has risen to $359,997. Of the total inventory of 24,683 new units, 20,133 are high-rise units.
From January through July, total new homes sales have reached 25,528. Of these, 13,259 have been low-rise homes, up 18 per cent from the same period last year, and 12,269 have been high-rise, a decline of 3 per cent.
The median list price for new condos and apartments in Toronto is $405,900, according to BuzzBuzzHome Market Snapshot data, while houses and townhomes have a median list price of $589,433.