Photo: James Bombales

New condo sales spiked in the GTA in October, as low-rise sales continued their downward spiral.

Of the 5,377 new homes sold in the GTA last month, 91 per cent were multi-family homes, while a mere 9 per cent were low-rise single-family.

This monthly data follows a year-long trend of new condos outselling multi-family homes by historic margins. As of October, condo sales represent 82 per cent of 2017’s total new construction sales.

“Demand for newly-built condominium apartments is being fueled by three key buyer groups,” writes Altus Group executive vice president of research Patricia Arsenault. “Small investors who have become the de facto providers of new rental housing supply in the GTA; end user buyers who might prefer a single-family home but are seeking out more affordable options; and the more traditional end users who value the lifestyle and amenities of well-located projects.”

Here are 10 stats that you should know from the BILD and Altus Group October 2017 data released this week:

1. Of the 5,377 new homes sold in the GTA in October, 4,884 were multi-family, while only 493 were low-rise single-family homes.

2. Low-rise sales have continued to plummet in 2017, part of an ongoing multi-year trend. In October, low-rise homes made up a mere 9 per cent of total sales.

3. October saw record-breaking condo sales, with the month’s total coming in at 80 per cent above the ten-year average of 2,687. Meanwhile, low-rise sales were 64 per cent below the 10-year average of 1,388.

4. As we approach the end of the year, 39,476 new homes have been sold so far in 2017, and 82 per cent of them have been condos. “October data shows that the new home buyer is left with very little choice when it comes to purchasing a new home,” writes BILD president and CEO Bryan Tuckey.

5. According to Tuckey, the record-breaking condo sales will continue into the new year, as developers build more multi-family homes. “Provincial intensification policy has our members building more high and mid-rise dwellings making housing choices a challenge,” he writes.

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6. The supply of new housing increased again in October, reaching 12,500 units, but is still well below what BILD considers “a healthy level.” At the end of the month, there were 9,308 new multi-family homes and 3,192 single-family homes available in the GTA.

7. Prices continued to make annual gains. The average price for a new single-family home was $1,217,428, up 29.8 per cent year-over-year from last October’s $937,689, while the average price for a new multi-family home was up 34 per cent to $677,456.

8. October also saw month-over-month price gains from September. In September, new low-rise and high-rise home prices for the GTA were $1,204,829 and $661,188, respectively.

9. October’s average unit size for new condos was 857 square feet, up from 809 square feet a year earlier.

10. October’s average price per square foot for new condos was $791, up from $601 last October.

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