Toronto new condo sales hit record high
Published on August 2, 2017
New condominium sales in Greater Toronto hit a record high in June, accounting for three of every four new homes sold, according to the Building Industry and Land Development Association (BILD).
About 91 percent of the 6,046 new homes sold last month were multi-family condo apartments in high-rise and mid-rise buildings and stacked townhomes, while only nine percent were low-rise single-family homes.
New condo sales surpassed the previous record set in March 2017 with 5,495 units sold in June, up by 89 per cent from a year ago and well above the 10 year average of 2,550 units sold. In June, 551 new single-family houses were sold, reflecting a 72 per cent drop from last year and 64 per cent off the 10-year average.
The average price of available new condo apartments continued to rise with an increase of more than $22,000 from May. June's $627,000 average price marked a 34 per cent increase from a year ago. The average available unit was 845 square feet with an average price per square foot of $742. A year ago, the average price per square foot was $587, according to BILD.