Condo prices flatline, but cost of new houses grows by 5 per cent
New home sales have rebounded across the GTA from a slow 2013 with sales of new condos up 22 per cent in May, year over year, and lowrise house sales up 27 per cent.
But the price of new condos has essentially flatlined, up just one per cent in May, over a year earlier, to an average of $437,773, according to figures from market research firm RealNet Canada released Friday by the Building Industry and Land Development Association.
New house prices, on the other hand, were up five per cent in May of 2014 over 2013, to an average of $675,074.
While sales of new condos were 11 per cent above the 10-year averages in May, lowrise house sales remain seven per cent below historic norms, according to RealNet’s statistics.