The average price of newly-constructed condos in the Greater Toronto Area fell by 6 per cent in June from a year ago, to $432,256, according to RealNet Canada Inc.
In the same period the price of brand new low-rise homes rose 10 per cent to $603,102.
Sales of new homes and condominiums totaled 3,461 in June, down 27 per cent from 2011, which had been a record year.
Despite the drop, new condo sales so far this year are still 38-per-cent higher than the long-term average, and this year is on course to be the second-highest level, stated Bryan Tuckey, the CEO of BILD, which represents developers and builders. Meanwhile, low-rise sales are 27 per cent below the long term average and June’s sales of low-rise homes were the lowest on record for that month.