Already-hot housing market of GTA keeps growing
No longer just for new detached homes, the average price of any low-rise housing including detached, semi-detached, row and townhomes in GTA is now over $1M since January 2017 according to the Building Industry and Land Development Association (BILD).
The prices for ground level housing climbed 25% in one year. The average price of a new detached home reached a record $1,316,325 in Jan, up from $444,368 10 years ago. The average price of a new GTA townhouse was $879,619 in Jan compared to $328,989 10 years ago.
Supply Shortage: there were just 1,524 new ground-oriented homes available for purchase in builders’ inventories at the end of January, close to a record low. A decade ago, the inventory level was 18,400. The supply of new detached home dropped to 534 last month, a record low for the GTA. Ten years ago there were 12,242 unsold detached homes.
The average price of new condominium apartments in stacked townhouses and mid and high-rise buildings in the GTA reached a record price of $507,511 in January. On a square foot basis, that brought the average price to a record $625.
New apartment prices were up 13% in January from a year ago which is about a $60,000 increase. A decade ago the average price was $322,569.
BILD said the industry is now seeing supply levels dip rapidly in the condo market. In January 2017 there were 11,529 new condominiums in builders’ inventories across the GTA, a 10-year low. Overall there were 13,053 new homes in builders’ inventories across the region in January compared to 31,461 a decade ago.
Demand continues to ramp up in the condo sector too with new sales the best ever for January which comes on the heels of record sales in 2016. There were 1,199 condo homes sold across the GTA in January, up 11% from a year ago. The city of Toronto recorded a majority of the sales.