News
Condo-Detached Home Price Gap Triples in a Decade
May 26, 2015
The price gap between new high-rise and low-rise homes in the GTA hit a record high in April: $326,659—triple what it was a decade ago. In the past year the average price of new low-rise homes rose 16%, while high-rise condos increased just 3%, according to RealNet Canada. The average price of a new low-rise home in 2005 was a digestible $378,281. Since then, with Ontario's growth plan having limited supplies of land for low-rise development, it’s shot up to $775,419 (the average condo was $276k in 2005; today it’s $448k). BILD president Bryan Tuckey notes first-time buyers and new Canadians are being hit hardest, with many purchasers “taken out of the low-rise market entirely.”
