Sales of new homes in the Greater Toronto Area gained 24 per cent year-over-year in the first four months of 2017 as the number of high-rise sales surged.

Data from the Altus Group shows that there were 17,977 sales of which 4,878 were low rise homes (down 34 per cent from a year earlier and 14 per cent below the 10-year average) while sales of new high-rise homes reached 13,099, an 85 per cent year-over-year rise and 102 per cent above the 10-year average.

Breaking out the figures for April, the trend isn’t slowing. There were 4,480 new home sales in the month, 25 per cent above the 10-year average and 7 per cent up from a year earlier.

Of those, 1,415 were low-rise, a drop of 39 per cent year-over-year and 21 below the 10-year average. High-rise meanwhile jumped 61 per cent to 3,265 sales, 67 per cent above the 10-year average.

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: