A new detached home in the Greater Toronto Area will cost you over $1 million dollars, the Building Industry and Land Development Association (BILD) said Thursday.
According to BILD, it’s the first time the average GTA-wide price has passed the $1-million mark. As of March 31, the average price hit $1,045,659.
In just 12 months, the average price has grown by a staggering 21% — doubling in the last decade.
“The demand for detached homes is far outpacing supply as the GTA’s population continues to grow,” BILD president and CEO Bryan Tuckey said. “Our region has record-low levels of new detached homes available for sale, which drives up prices and reduces housing choice for consumers.”
Among the report’s other findings:
— In March 2015, the average was $861,848 and in March 2006, it was $439,294.
— Blame can be pinned on the new supply of housing not keeping up with demand.
— As of March 31, across the entire GTA there only 1,634 new detached homes available for sale.
Meanwhile, the average price of a new townhome hit $672,419 while new semi-detached homes averaged $612,487.
“New low-rise homes are being purchased faster than they can be brought to market,” Tuckey said. “As long as demand for low-rise homes continues to outpace supply, we will continue to see rapid price growth.”
Read the full post in Toronto Sun
