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.
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