Record-Setting Price Growth For New Homes In The GTA

GREATER TORONTO — The cost of new homes in the GTA continues to grow as prices of low-rise homes set a new record high in July 2015. Meanwhile the price per square foot hit a record high in the high-rise market, the Building Industry and Land Development Association (BILD) announced.
The average price of a new low-rise home in the GTA hit an unprecedented $806,391 in July, according to the RealNet New Home Price Index. Prices in the low-rise market, which includes detached and semi-detached homes as well as townhomes, has increased by 109 per cent in the last decade.
"In July 2005 the average price of a ground-related home in the GTA was $386,133. Today it is more than double that," said BILD president and CEO Bryan Tuckey. "This means that many first-time buyers have been priced out of the low-rise market.
The average price of a new high-rise home in the GTA was $446,398 in July, up 1% from this time last year. Prices for new condominiums have increased by 57% since July 2005, when the average suite cost $284,598. The price per square foot for high-rise homes reached a record-high $570 in July while average unit size fell to a record-low 783 square feet.
The price gap between high-rise and low-rise homes has grown to $359,997, which BILD attributes to limited supply of new ground-related homes due to lack of development-ready, serviced land across the region.
There were 13,259 low-rise homes sold across the GTA so far this year, while remaining inventory of low-rise homes fell to 4,550 - a new record low.