There’s a shortage of low-rise housing in the Greater Toronto Area and it’s getting worse. "Demand for new homes is outpacing supply across the GTA," said Building Industry and Land Development Association president and CEO Bryan Tuckey. "Constrained supply of serviced, developable land has significantly limited inventory of new homes, and you can't sell what you don't have.
BILD’s report using data from RealNet Canada shows that the amount of new detached, semi-detached and townhomes available for sale in the GTA fell to a new low of 4,298 homes last month. Low-rise sales, which include detached, semi-detached and townhomes, declined 25 per cent from August 2014. Sales of high-rise condos were down 24 per cent from August of last year.
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: