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There is no end in sight to the rising price of new low-rise homes relative to high-rise condominiums in Canada’s largest city, say Toronto builders.

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Ontario’s condominium prices may decline as much as 10 per cent over the next few years as a record number of units under construction saturate the market, according to Fitch Ratings

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A new report from the Building Industry and Land Development Association says the average price of a new low-rise home, which includes detached, semi-detached and townhomes, was $783,995 at the end of May. That’s a 16 per cent jump from a year ago.

Meanwhile, the average price of a new high-rise condominium was $440,463, relatively unchanged from a year ago. The gap between the average new high-rise and low-rise home jumped $100,000 from a year ago and now sits at a record $343,492.

“The rapidly widening price gap is an indication that demand is far outpacing supply in this part of the market,” said Bryan Tuckey, president of BILD, in a statement. “As the price of ground-related housing continues to grow at a record pace, it’s becoming increasingly difficult for GTA residents to afford a low-rise home.”