A new review has revealed the widest gap between Toronto-area condos and low-rise homes ever recorded, at $251,337 in 2014.
 
The review by RealNet Canada and the Building Industry and Land Development Association examined sales of low and high-rise homes of the Greater Toronto Area to see the effects of anti-sprawl provincial legislation passed a decade ago.
 
On average, prices for high-rise homes went up to $454,476, a rise of 4% from 2013. The average low-rise home jumped 8% to $705,813.
 
"The desire to curb sprawl and encourage intensification has led to the continued condominium boom in the 416, spiking home prices and a widening price gap between low-rise and high-rise housing product," RealNet Canada president George Carras said.
 
Low-rise home sales increased by 46% year-over-year to 17,745 units and sales topped a 33% jump in supply by 1,437 units.
 
Meanwhile, the high-rise property market recorded its third-highest sales in 10 years, a gain of 41%. In total, 21,991 homes were sold.

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


More market watch: