The Building Industry and Land Development Association (BILD) mentioned that the Greater Toronto Area has emerged with a new record that was set, with the price of the average single-family ground-oriented home now for a value worth more than $1 million. The Altus Group revealed from its disclosed figures that were derived from an approved data source that the average price in January was $1,028,395, with an incline of prices by 25 per cent in over a year. An average of $1,316,325 was placed for detached homes, while townhouse was averaged at $879,619.
Bryan Tuckey, CEO and President of BILD said; “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.”
In the course of January, the inventory of new ground-oriented homes hit a record low, with only 1,524 homes that were available in the market, compared to 18,000 in the past decade. A ten-year low was also recorded for condo units, with new ones showing a decline in supply, with just 11,529 vacant units. This caused the to go up by 13 per cent in just one year, hitting a new record of $507,511 for a regular apartment.
Bryan concluded by saying; “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.”