For the first time since 2012, low-rise sales have outpaced high-rise sales in the GTA for the first two months of the year, according to the Building Industry and Land Development Association (BILD). Up nine per cent from last year, new high-rise sales reached 1,333 units in February while low-rise sales totaled 1,465 units, a 17 per cent year-over-year increase.
Total new home sales held steady with the 10-year average for the month of February.
“The year is off to a stable start and it’s encouraging to see our sales figures meeting the 10-year average for new homes sold across the GTA,” says Steve Deveaux, BILD Chairman. “We continue to monitor sales as one indicator of how the market is doing. We have a healthy demand, but we cannot ignore that the supply of housing and choice in housing type is limited due to the underserviced land, designated for development in the GTA.”
According to BILD’s source for new home market statistics, RealNet Canada Inc., the average price of a high-rise home was $442,672 in February and the price gap between high-rise and low-rise homes continues to widen.