According to the Building Industry and Land Development Association (BILD), new home sales in the Greater Toronto Area were just above the 10-year average in January. In the high-rise sector, a total of 825 new condo sales were tracked for the month.

“This is what happens when demand outpaces supply,” says Bryan Tuckey, President and CEO of BILD. “Our region has a reduced housing choice. This is the result of a lack of serviced, designated for government land in areas that have been ear-marked by the province and municipalities as appropriate places to grow.”

Tuckey says condominiums continue to appeal to first-time home buyers in the GTA as a result of location convenience and access to amenities.

While total new condo sales in January surpassed the 10-year average, the average price of high-rise units decreased by one per cent, year-over-year, to $444,505.