Home prices in the Greater Toronto Area continued to rise to unprecedented levels in November, the Building Industry and Land Development Association (BILD) says.
Its latest assessment of the market shows that the tight inventory at the end of November was only 84 homes more than in August (which had the lowest inventory on record) at 15,184; adding pressure to already-high prices.
Low rise homes accounted for just 13 per cent of available inventory with just 789 of those single-family detached homes. Inventory of high-rise homes was also lower in November.
“The low inventory story is not only about low-rise – high-rise inventories have been on a downward path over the past 3 years,” said Patricia Arsenault, Executive Vice President of Research Consulting Services at Altus Data Solutions, BILD’s official data source. “Total available inventory in November was the lowest November level we have seen since we first started to track this data in 2000.”
The average price of new condos in the GTA reached $493,137, a 10 per cent increase from a year ago while the average price of new detached homes in the GTA hit $1,230,961 in November, up 27 per cent from last year.
“The industry is building to government policy and building far fewer low-rise homes, especially detached single-family homes, but demand has not dropped with the supply so prices continue to increase,” said Michelle Noble, Vice President of Communications, Marketing and Media Relations at BILD.
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