New condominium sales in the Greater Toronto Area climbed 62% higher in June from a year earlier, according to the Building Industry & Land Development Association.
Sales of low rise homes, which includes single detached, semi-detached and town homes, rose 40% from a year ago. Overall the sale of new homes in Toronto was up 53% from a year ago.
RealNet Canada Inc., which tracks the data, said the last three months were the second best ever for sales while the first half of the year broke all records.
“Perhaps the most astounding statistic is the fact that nearly two-thirds (65%) of all new home sales in the GTA in June, and 61% from January-June, were high-rise condominium suites, which is well above the growth plan intensification target of 40%,” said Stephen Dupuis, chief executive of BILD.
RealNet says its price index for low rise homes in June was $549,371, across the GTA. That’s a 12.6% jump from a year ago. Condominiums were $461,692 in June for an 8.3% jump from a year ago.