The Greater Toronto Area saw a slight increase in the supply and mix of new homes in October while average prices declined slightly, the Building Industry and Land Development Association (BILD) has announced.
For the low-rise sector, including detached, semi-detached and townhomes, the average price was $937,689, down around $54k from September but still 17 per cent above October 2015. Average price per square foot was up slightly from September at $394.
Meanwhile, high-rise home prices also eased compared to a month earlier, to an average $483,656 which is 10 per cent above October 2015. Average price per square foot was $594, again down from September but up compared to a year earlier.
Supply improved for low-rise homes with 2,282 available in October, high-rise inventory also increased. However, levels of supply remain subdued compared to historic averages.
“While inventory has grown slightly, it’s important to understand that one month does not a trend make and constrained supply is still a serious issue in the GTA,” BILD CEO Bryan Tuckey said. “What we are seeing in the market is how the development industry is implementing provincial intensification policies by building more affordable low-rise homes and a variety of high-rise communities all over the GTA.”
While supply is pressured, there is no shortage of buyers and although sales figures are lower than a year ago (low-rise down 10 per cent and high-rise down 27 per cent) the high-rise sector is on course for a record year and low-rise sales for October were above the 10-year average.
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