Home prices in the Greater Toronto Area hit a new record high in September according to the Building Industry and Land Development Association (BILD). The average price of new townhomes, semi-detached and detached homes in the GTA climbed to a record-setting $811,579 (RealNet Canada figures) – an 18 per cent year-over-year increase.
"The rapid growth of prices for low-rise homes is a simple case of supply and demand," said BILD president and CEO Bryan Tuckey. "Demand for ground-related homes in the GTA is far outpacing supply, and a continuous decline in inventory is fueling the price growth."
Lack of supply continues to be an issue in the GTA with an impact on volume of sales. "Lack of supply in the low-rise housing market significantly reduces housing choice for new-home buyers, many of whom have been priced out of the low-rise market," Tuckey said.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: