The Building Industry and Land Development Association gave account that the ground-oriented single-family homes in the Greater Toronto Area has gone beyond $1 million, with a new record set in that same area.
The numbers from the Altus Group authentic data source revealed that the average price was $1,028,395 in January, with an incline of 25 per cent in the price in just a year. Current detached home was around $1,316,325, while townhouse average by $879,619.
“The GTA is facing a severe shortage of housing supply, particularly for single-family homes which sell as soon as they come to market. When there aren’t enough homes to satisfy demand, prices increase and that is exactly what has been happening in our region over the last decade,” said the CEO and President of BILD, Bryan Tuckey.
During January, a new record was set by the inventory of new ground-oriented homes, with 1,524 vacant and ready to be bought unlike 18,000 over a decade ago.
The availability of latest condo units went down by a decade low, with just 11,529 made available. This caused prices to push up to a new record of $507,511 on average for an apartment, which increased by 13 per cent in a year.
Tuckey further mentioned; “Today in the GTA there are less than half the overall number of new homes available to purchase than there were a decade ago. Lack of serviced developable land, excessive red tape and frequent delays in the development approval process have all been large contributors to our housing supply crisis.”