The supply and mix of latest homes for the month of October slightly went up in the Greater Toronto Area, while the benchmark prices went down modestly. The information was brought to light by the Building Industry and Land Development Association (BILD).
The average price for town homes, detached and semi-detached houses decreased around $54 thousand in the low-rise sector from the month of September, yet, it was still 17 per cent more than that of October 2015 price. In that same month, the average price per square foot slightly increased at $394.
In the meantime, the price of high-rise homes cools down unlike that of last month’s own, to more than 10 per cent of October 2015, by an average price of $483,656. The price went down from September but higher than last year’s own, the average price per square foot was at $594.
The high-rise inventory went up,with low-rise homes improved in October, with the availability of 2,282 homes. Nonetheless, the level of supply stills shows to be unresponsive, unlike the previous averages.
The CEO of BILD, Bryan Tuckey said; “While inventory has grown slightly, it’s important to understand that one month does not a trend make and constrained supply is still a serious issue in the GTA. What we are seeing in the market is how the development industry is implementing provincial intensification policies by building more affordable low-rise homes and a variety of high-rise communities all over the GTA.”
Although supply is held down, with the low figure of sales, there shows to be no shortage of buyers and the high-rise sector is looking at hitting a new record for their low-rise sales. The low-rise sales for October show to be more than a decade average.