According to RealNet Canada Inc., BILD's official source for new-home market intelligence, total new-home sales in July increased 41 per cent over July 2013. Year-to-date sales have also grown, up 52 per cent and sitting above the 10-year average.
The high-rise market also saw a substantial increase in sales activities to 1,501 sales, a 34 per cent increase over July 2013. Year-to-date, it registered an impressive 12,655 sales, a 46 per cent increase from 2013 (however, it was only a 5 per cent increase over 2012 levels).
"While high-rise sales continue to drive the market, the low-rise sector has shown considerable strength," said BILD president and CEO Bryan Tuckey. "Sales of ground-related homes have recorded the highest July since 2009 while year-to-date sales are nearly on par with the 10-year average."
According to the RealNet New Home Price Index, pricing in the low-rise sector grew six per cent to $685,413 while prices of high-rise homes increased two per cent to $441,144.
The gap between the two different segments continues to widen. As of last month, the price difference now sits at $244,269.
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