Sales of high-rise homes in the GTA are set to break records in 2016 according to the Building Industry and Land Development Association (BILD).

So far this year there have been 20,596 new high-rise sales in the Greater Toronto Area, accounting for 60 per cent of all new home sales in the area up to the end of September. There were 14,140 low-rise sales.

Tight supply has seen prices continue to rise sharply with new homes averaging $992,231 in September, up 22 per cent from a year earlier. For low-rise, prices averaged 486,605, up 10 per cent year-over-year; new detached homes averaged $1,194,771.

"We have a serious housing supply challenge in the GTA due to a significant shortage of shovel ready land and long and uncertain project approval timelines," BILD president and CEO Bryan Tuckey said. "These factors are severely restricting the number of new homes being brought to market and are causing prices to surge month after month."

Supply of new homes dropped 10,000 in the past year.

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