The days when you could actually find a beautiful low-rise house in Toronto is over.
Only a few Torontonians can now afford to buy houses and also few of them purchased low-rise homes in April. The Building Industry and Land Development Association (BILD) simply described it in these words: “Consumer confidence in the GTA’s new homes market is still low.”
Ten years ago, there were 16,420 houses up for sale. But those days are gone.
A survey was conducted by the Building Industry and Land Development Association (BILD) which is the leading representative for home builders and developers.
BILD president and CEO Bryan Tuckey also said a “Shortage of serviced developable land is reducing the supply of new low-rise homes brought to market and helping drive up prices.”
“We need to inspire consumer confidence in the market through the construction of quality, affordable communities in the GTA.”
As of Tuesday, it was reported that the supply of low-rise homes in the Greater Toronto Area, as well as detached homes, dropped drastically.
Last month witnessed a growth of 3,623, which is an increase compared to last year (2,053)
Some might wonder what the reason is behind this increase. Well, we owe it to the developers who’re following the Growth Plan for the Greater Golden Horseshoe, whose main objective is to increase the urbanization rate in hot markets including Vancouver, Toronto, as well as St. Catharines.
The Growth Plan for the Greater Golden Horseshoe is also aiming to urbanize other states such as Downtown Brampton, Mississauga City Centre, and Midtown Oakville.
The plan had numerous aims, such as creating “complete communities that offer more options for living, working, shopping and playing.” they reported.