Pamela Vasiliu
Sales Representative
pvasiliu@remax.net

RE/MAX Professionals Inc.
Brokerage
Independently owned and operated.

Date: Sunday December the 17th, 2017 
416-236-1241

 

   

New Home Prices Hit New Highs

August 21, 2013 - Updated: August 21, 2013

New home sales across the GTA hit their lowest level in 10 years in July, yet prices continue to shatter previous records, averaging a new high of $645,854, according to statistics released Tuesday by the Building Industry and Land Development Association.

Just 783 lowrise homes were sold across the GTA in July, 45 per cent below 10-year averages, according to statistics compiled for BILD by RealNet Canada Inc., which has warned repeatedly that affordability is becoming a major deterrent in the single-family home market.

Highrise sales also took a major tumble, coming in 34 per cent below the 10-year average in July. That’s partly because of what RealNet terms “self-discipline” by condo developers, who have been largely holding back on launching new condo projects since the market starting softening over a year ago.

Sales have also been impacted by tougher mortgage lending rules imposed by Ottawa that have pushed many first-time buyers to the sidelines, as well as uncertainty — which seem to have eased considerably the last few months — that the condo sector is oversupplied and overpriced.

The average highrise price declined slightly to $430,930, says RealNet.

As of July 31 there were 66,126 new units, in 256 highrise developments, under construction with more than 17,000 expected to be completed by the end of 2013, says RealNet.

 


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