Sales of high-rise homes soared in May to a near-record high of 3,623; only November 2011 saw a higher volume of monthly sales for high-rise condos.
Meanwhile, there was a record low for the inventory of low-rise homes with just 1,985 properties available for sale, the first time inventory has dropped below 2,000 for new detached, semi-detached and townhomes.
The data, from the Building Industry and Land Development Association (BILD), reveals that total inventory (19,209) is around 10,000 lower than a decade ago but that availability for high-rise (17,224) is up almost 3,000.
"The industry is following the Province's Growth Plan intensification policies which emphasize high-rise development in the GTA," said BILD President and CEO Bryan Tuckey. "Nine out of 10 of the new homes available for sale in the GTA are high-rise and mid-rise condominiums."
The tight supply of low-rise homes pushed the average price in this category to a record high in May - $875,174 – while detached homes averaged $1.125 million, having surpassed the million-dollar mark in March.
High-rise homes edged 3 per cent higher year-over-year to an average $454,304 with the price per square foot also 3 per cent higher at $573.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Dutch Valley, L'Ancienne-Lorette, Alma, Larkspur, Dungannon
New figures show wide disparity between the low-rise and high-rise housing markets in the Greater Toronto Area as tighter supply in the low-rise sector curbs sales.