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.

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