The Building Industry and Land Development Association (BILD) recently reported that a total of 4,608 new home sales were recorded for the GTA in June, citing RealNet Canada, its official source for new-home market intelligence. This increase from last year marks the third-highest level of new home sales activity for the month of June on record in the last decade.

“Half way through the year we are seeing above-average sales in the high-rise sector, particularly in the City of Toronto, which illustrates GTA residents’ continued shift toward a condo lifestyle,” says Bryan Tuckey, BILD president and CEO. “New project launches have also contributed to the increase in low-rise sales, although rising prices for ground-related homes remain a challenge for new-home buyers.”

New home sales in the GTA increased by a considerable 51 per cent year to date. According to BILD, this could be the result of new home buyers purchasing unsold inventory from 2013. The average price of a high-rise home in the GTA grew by two per cent from last year, to $436,876.