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price for a new low-rise home was $705,813 at the end of 2014 while its high-rise equivalent reached $454,476, creating a $251,337 |
The gap between the price of a low-rise home and a condominium apartment has reached an all-time high and Toronto builders are pointing the finger at a 10-year-old provincial policy that has encouraged density.
The Building Land and Industry Association said its index price for a new low-rise home was $705,813 at the end of 2014 while its high-rise equivalent reached $454,476, creating a $251,337 gap that is the highest on record.
BILD’s results come as a new survey out Tuesday finds existing luxury home sales continued to climb last year. Re/Max agent Barry Cohen, who specializes in luxury homes, says sales for $2-million or more were up 43% in 2014 from a year earlier.
READ FULL STORY COURTESY OF financialpost
ALSO ON REAL ESTATE SNATCH:
Jason Mercer - Director, Market Analysis, discusses the Market for the Quarterly of October 2014
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