GTA Condo Sales Hit Record In October As Home Prices Rise
The sales and prices of new GTA homes rose sharply in October, primarily driven by sales of multifamily homes, condo apartments in high-rise and mid-rise buildings and stacked townhomes, according to the Building Industry and Land Development Association.
There were 5,377 new homes sold in October, according to Altus Group, BILD’s source for market intelligence. About 91% of them (4,884 units) were multifamily homes, and only 9% (493) were low-rise single-family homes such as detached and semi-detached houses and townhomes.
Condo sales for October were the highest ever recorded, sitting 81% above the 10-year average of 2,697. Low-rise sales were 64% below the 10-year average of 1,388.
As of the end of October, 39,476 new homes had been sold in the GTA in 2017, 82% of them condo apartments in high-rise and mid-rise buildings and stacked townhomes.
“October data shows that the new-home buyer is left with very little choice when it comes to purchasing a new home,” BILD President and CEO Bryan Tuckey said in a BILD news release.
“The cost of a single-family home is out of reach for many consumers pushing them to buy a condo over a house. As a result we are seeing record-breaking condo sales and higher prices this year for new low-rise homes”.
Prices of available new homes in October increased slightly for both single-family low-rise homes and multifamily homes. The average for available new single-family homes was $1.2M, up slightly from September, and 29.8% above last October’s average price of $937,689. The average price for available new detached homes was $1.5M, and the average for available new townhomes was $995,571.
The average price of available new condo apartments in high-rise and mid-rise buildings and stacked townhomes was $677,456 in October, up from September’s $661,188. The average price was $791/SF and the average unit size was 857 SF.