GTA on course for high-rise sales record
Sales of high-rise homes in the Greater Toronto Area are on course to hit a whole-year record in 2016 with year-to-date sales already the highest ever.
The Building Industry and Land Development Association (BILD) says that 17,949 high-rise homes sold by the end of August, 1,880 in August alone according to Altus Group data.
“Our industry is building to government intensification policy and we are building at least as many high-rise homes as low-rise homes,” said BILD President and CEO Bryan Tuckey. “The supply of low-rise homes – especially single family detached homes – has plummeted in the years since the Growth Plan was introduced, but demand for those types of homes has not diminished. As a result, prices have increased dramatically.”
That low-rise inventory (including single- family detached, semi-detached and townhomes) was just 1,379 in August and average price hit a record $931,506, up 16 per cent year-over-year. For just single-family homes the average in August hit $1.16 million.
High rise home prices averaged $480,914, another record and 7 per cent higher than a year earlier. Supply was down with 14,600 units available as August is traditionally a slow month for starts.
“Demand and prices of high-rise homes are also starting to climb as more people are priced out of the low-rise market,” Tuckey said.
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