Andrew Francis Wallace
The boom in condos and stacked townhomes pushed sales of new construction homes in the Toronto region up 18 percent year over in the year in October — accounting for 91 percent of the overall 5,377 purchases.
The remaining 9 per cent of sales were low-rise, single-family homes, including detached, semi-detached and townhouses.
A 70 percent decline in the number of transactions in the low-rise category in October, compared to the same month last year, was accompanied by a 30 percent increase in prices that averaged about $1.22 million.
New construction detached houses now cost $1.55 million on average, according to the homebuilders’ group Building and Land Development Association (BILD).
At the same time, condo sales climbed 70 percent with a 40 percent year-over-year price increase to $677,456 on average.
That translates to an average price per square foot of $791 with the size of condos averaging 857 sq. ft.
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