Canada’s hottest market is set to close out a record year, with average prices eclipsing all-time highs. But sales figures tell two different stories.
The average price of a new home in the GTA has doubled in the last ten years, according to RealNet Canada. The average price of a new low-rise home (detached, semi-detached and townhouses) in the GTA reached $700,779 in November.
“This is the first time the average price of a home in the GTA eclipsed the $700,000 mark," BILD president and CEO Bryan Tuckey said. "As developable land with municipal services within the boundaries of the growth plan becomes limited, its value increases. This drives up the cost of housing and reduces choice, making it increasingly challenging for our members to build homes that people can afford to purchase."
Meanwhile, high rise prices increased three per cent year-over-year to $449,371.
As for sales, the high rise sector in the GTA continues to thrive, with sales jumping 25 per cent. Low rise homes, however, dropped 11 per cent year-over-year.