According to predictions made by the Building Industry and Land Development Association (BILD), the sales of high-rise homes in the Greater Toronto Area will likely hit a new record for this year. 60 per cent of the sale of homes in the Greater Toronto Area is made up of the 20,596 new high-rise homes that were sold towards the end of September. The low-rise sales figure totaled at 14,140.
The average sum went up by 22 per cent from the previous year to $992,231 for the new homes in September. Meanwhile, tight supply caused prices to increase sharply. Low-rise home prices increased by 10 per cent over the years, averaged to $486,605. The newly detached homes averaged at $1,194,771. The provision of new homes went down in the past year to 10,000.
The CEO and president of BILD, Bryan Tuckey said; “We have a serious housing supply challenge in the GTA due to a significant shortage of shovel-ready land and long and uncertain project approval timelines. These factors are severely restricting the number of new homes being brought to market and are causing prices to surge month after month.”