Canada's Condominium Magazine
The new homes market in Toronto had another strong month in August, the Building Industry and Land Development Association (BILD) reports. RealNet Canada, BILD’s official source for new-home intelligence, says that sales were up 60 per cent compared to last year, with large increases in both high-rise and low-rise sectors.
The number of new low-rise home sales in August was 1,158, an increase of 44 per cent over August 2013, though still below the ten-year average. High-rise sales, meanwhile, were up 79 per cent, with 1,275 new condos sold, putting sales just above the ten-year average.
Sales numbers for the year to date show that 2014 is on track to be one of the best years of the last ten for both low-rise homes and condos. Low-rise sales to date are up 59 per cent, with 12,147 new homes sold in the first eight months of the year. In the same period, 14,130 new condos were sold, an increase of 50 per cent over last year, and 15 per cent above the ten-year average.
Inventory of remaining homes in the GTA has dropped in both high-rise and low-rise categories. In the low-rise sector, inventory has reached near-record low levels, RealNet reports, with just 6,670 homes available for purchase. Inventory of condominium units stood at 19,827, comprising standing inventory, pre-construction and units under construction.
Commenting on the low inventory and the “limited number” of new project launches in August in the low-rise sector, BILD president and CEO Bryan Tuckey said that the high level of sales show “continued confidence” by consumers, adding that the strong August sales affect levels of remaining inventory, “which have been declining recently.”
The price for a new low-rise home grew 4.6 per cent year over year to $688,923 as of August 31, based on the RealNet price index. Condo prices rose 2.3 per cent to $446,710.