Toronto new home sales rebounding but not matching 2012
Sales of new homes in the Toronto housing market appear to be rebounding but activity in the country’s largest market has a long way to go to match 2012 levels.RealNet Canada Inc.. said there were 2,356 sales across the Greater Toronto area in September, a 4.4% increase from a year ago — the second straight month year over year sales have climbed.
“It’s a reversal of the declining trend from January-July, 2013,” said George Carras, president of RealNet.
However, year to date, 2013 sales remain 31% off the 10-year average and are well below 2012 levels. “It’s the lowest level seen in the last decade and lower than during the global financial crisis,” said Mr. Carras.
Low rise sales have been dragging total sales down and year to date are off 39% from a year ago, compared to 22% for high-rise sales. The weak number for low rise sales has been chalked up to provincial land use policies which restrict development.
Data shows inventories are also on the rise with the 30,695 units available up 12% in September from a year ago. The bulk of the unsold inventory is condos with 23,153 available.
RealNet says the availability of condos has pushed the price gap between high-rise homes and low-rise homes to an all-time high. The average low-rise home is now worth $658,869, compared to $432,853 for a high-rise property.
“This chart is like watching your dog run away on the Prairies,” said Mr. Carras, about the $226,016 gap between the two style of houses. “The prices of homes we are making less of, low rise, have increased, while high-rise homes are decreasing.”
For the condo dweller, not only are home prices dropping the size of their home has on average shrunk 1.7% from a year ago.
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