The new home market in the GTA rebounded in May, with both the low-rise and high-rise sectors seeing a surges in sales. According to RealNet Canada Inc., there were 3,526 new houses and condos sold in the region last month, a 24 per cent increase from the 2,833 sales counted in May 2013.
High-rise sales soared up 22 per cent from 2013, making last month the third-highest May for condo sales in the last decade. The tally was also 11 per cent above the 10-year average. Low-rise sales stayed strong, rising by 27 per cent, though they remained seven per cent below the average for the decade.
Photo: Daryl Bruvelaitis/Flickr
The numbers were even more dramatic when you look at year-to-date sales. The first five months of 2014 saw low-rise sales total 7,516, an increase of 52 per cent over the same time in 2013. However, the total was actually a six per cent drop from the 10-year average.High rise sales amounted to 8,305, a 33 per cent spike year-over-year that was also 15 per cent higher than the 10-year average.
The low-rise sector saw a more significant rise in prices, with the Realnet Price Index increasing by five per cent year-over-year to $675,074. High-rises saw a 1 per cent boost, inching up to $437,773.
“Sales through the first five months of 2014 have shown that new-home buyers have confidence in the market,” said BILD President and CEO Bryan Tuckey, in the news release.
For more details, check out the charts below: