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GREATER TORONTO, - The price gap between new high-rise and low-rise homes in the GTA hit a new record high in April, tripling over the past 10 years, the Building Industry and Land Development Association (BILD) announced today. The difference is now $326,659, with the average price of a new ground-related home in the GTA at $775,419  while the average price of a high-rise condo is $448,760, according to the RealNet New Home Price Index. This is a significant increase from April 2005 when the gap between a new low-rise home and a new high-rise home was $101,936. Over the past year the average price of new low-rise homes, which include detached, semi-detached and townhomes, has increased 16 per cent while the average price of high-rise condominiums rose a modest 3 per cent. The price of new homes has increased significantly since 2005, when the average price of a low-rise home was $378,281 and the average high-rise condominium cost $276,345. "Our industry is challenged to build quality, complete communities that people in the GTA can afford to purchase," said BILD president and CEO Bryan Tuckey. "A significant factor in the rising cost of new homes has been increased demand that is far outpacing supply, particularly in ground-related housing." Inventory levels of ground-related housing available for purchase across the region reached a record low of just 5,171 homes in April, according to RealNet Canada Inc., BILD's official source for new home market intelligence. These totals are less than one-third of the inventory available to purchasers in April 2005, confirming the significant constraint of low-rise housing supply in the GTA. High-rise inventory has remained stable, with 19,580 homes available for purchase in April. "As the price gap continues to grow, new-home purchasers are faced with decreasing choice in housing type," Tuckey said, adding that those most affected are first-time buyers and new Canadians. "Buying a ground-related home in the GTA has become increasingly challenging for most purchasers, many of whom have been taken out of the low-rise market entirely." There were 2,612 low-rise homes sold across the GTA in April alone, with the majority of sales coming from Peel and York regions. High-rise sales totalled 1,482 homes across the region with 1,021 of those transactions from the City of Toronto. Monthly New-Home Sales by Municipality:
April '15 Low Rise High Rise Total
Region 2013 2014 2015 2013 2014 2015 2013 2014 2015
Durham 165 287 393 3 40 21 168 327 414
Halton 76 239 451 213 93 113 289 332 564
Peel 393 494 828 135 42 72 528 536 900
Toronto 63 176 109 1,256 1,235 1,021 1,319 1,411 1,130
York 288 691 831 167 122 255 455 813 1,086
GTA 985 1,887 2,612 1,774 1,532 1,482 2,759 3,419 4,094
Jan-April 3,645 5,906 7,001 4,682 6,423 5,673 8,327 12,329 12,674
Source: RealNet Canada Inc. With more than 1,450 members, BILD, formed through the merger of the Greater Toronto Home Builders' Association and Urban Development Institute/Ontario, is the voice of the land development, home building and professional renovation industry in the Greater Toronto Area.  BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations. A statistical backgrounder is available for viewing. For additional information, contact Andrei Zaretski or Amy Lazar. SOURCE Building Industry and Land Development Association Image with caption: "GTA new-home prices (CNW Group/Building Industry and Land Development Association)". Image available at: http://photos.newswire.ca/images/download/20150522_C6718_PHOTO_EN_16886.jpg.

Category: Starion Blog

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GREATER TORONTO, – The price gap between new high-rise and low-rise homes in the GTA hit a new record high in April, tripling over the past 10 years, the Building Industry and Land Development Association (BILD) announced today.

The difference is now $326,659, with the average price of a new ground-related home in the GTA at $775,419  while the average price of a high-rise condo is $448,760, according to the RealNet New Home Price Index. This is a significant increase from April 2005 when the gap between a new low-rise home and a new high-rise home was $101,936.

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This amazing story goes to show that its never too early or too late to start investing in real estate.

Most real estate investors encounter challenges and obstacles that they need to overcome in order to invest in a property. It’s easy to become frustrated at the challenges, and even let them hold you back from investing. But one young investor shows that it is entirely possible to push through any barrier – even at the age of 13 – to find, secure, and close a deal.

Meet Neaville Ram. He lives in Surrey,  BC with his father, mother, and younger brother. Shortly after becoming a REIN Member at the age of 12, he located a deal, negotiated with the seller, and signed the offer. Now 13 years old, he’s the proud owner of a triplex in Ontario. Oh yes, it’s in Ontario.

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The opportunity to buy a brand-new condo for under $100,000 in Metro Vancouver’s sizzling real estate market brought hundreds of people to a Surrey sales centre on Saturday.

Prospective buyers stood in line for hours to buy into the 35-storey Evolve concrete tower. A big draw were the micro suites, starting at 316 sq. ft. and $93,900.

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IQ Condos Phase 2

It is without a doubt that Toronto’s pre-construction market for condos has seen its fair share of increase over the past 10 years. Here are 10 things you need to know before falling in love with that unit as an investor or a buyer:

1. The Deposit Structure – While purchasers of resale condos in Toronto generally provide a deposit of 5% (or less) upon signing of the agreement, builders generally require significantly higher deposits in order to fund the construction – often as high as 15 or 20%. Continue reading ..