"There is very little new single-family product making it to the market, which is driving prices to new records. "While available inventory is relatively low for both new single-family homes and new condominium apartments, the current supply dynamics are different for each sector," said Edward Jegg, Analytics Team Leader at Altus Analytics, Altus Group.
Though still an upward trajectory, experts are pinning this imbalance in price appreciation to the comparatively high volume of new condos in the pipeline. The benchmark price for new condos, now at $1,036,831, is only a 2 per cent increase over last year compared to double-digit price growth for houses.
Mirroring the trend of buyers flocking to single-family homes, prices for new condominium apartments actually eased slightly in September versus August. Such strong sales and limited inventory of new homes fuelled rising prices in September, driving the benchmark price for new single-family homes to a record high of $1,573,764, the figure leaping by an impressive 33.5 per cent in just the last year. See our latest new home market data release with /JjxyAJJxxa Over 1,000 of these sales were for single-family homes (including semi-detached and townhome units), though this actually marks a slight 3 per cent dip in the 10-year-average.Īt 3,561 units sold, September new home sales in the GTA were 16 per cent above the 10-year average.
The GTA recorded over 3,500 new home sales in September, which is 16 per cent higher than the 10-year average. It's only getting more expensive to buy into one of the world's most competitive and risky housing markets, according to the latest report from BILD and Altus Group covering new home sales and prices in the region in September. If you're looking to buy a home in the Greater Toronto Area, too bad.
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