This Report is prepared by the Real Condo Investors Team
Total sales of new homes in 2014 were 39,736 units across the GTA, up +41% from 2013 and up +9% from the 10 year average.
The high rise component of those total sales was 21,991 units. That's up +38% from 2013 high rise sales and up +15% from the 10 year average. 2014 was the third highest sales year ever recorded for high rise condominium sales in the GTA finishing behind the record sales of 28,492 recorded in 2011 and just slightly behind the previous record year of 2007.
The RealNet New Home Price Index is all about the gap between ground oriented Low Rise new homes (detached, semi-detached, link, row townhouse) and condominium High Rise new homes (apartment, loft, stacked townhouse). With the Low Rise price index now at $705,813 and the High Rise price index at $454,476 the gap between the two housing forms is now over $251,000, up +16% from last year.
The High Rise new home index has increased +4% over the last year while the Low Rise index is up +8% over the same time period. On a price per square foot basis, High Rise prices are up +2% over the past year.