Greater Toronto, November 25, 2015 - Demand for home ownership remains strong in the GTA, and dynamics around housing supply are impacting prices and redefining the market, said the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) at their first ever joint briefing on the state of the GTA housing market.
Through the first 10 months of 2015, there were 124,123 new and resale homes sold in the GTA. A record number of sales were reported through TREB's MLS(R) system. New home sales reported by RealNet Canada Inc. (an Altus Group Company) were consistent with the 10-year average, but the mix and type of new homes being sold as well as their prices have changed.
Total new home inventory levels have remained within the normal range at 26,388 homes, but more than 81 per cent of those homes are high-rise condominiums, according to RealNet Canada Inc. (an Altus Group Company). Builder inventory of new low-rise homes, including detached, semi-detached and townhomes, was at 4,980 homes at the end of October, a near record low. As of October 31, there were 10,014 low-rise properties available for sale on TREB's MLS(R) system. There were 16,079 new and 12,773 existing lowrise homes available for sale at the end of October 2005. While the supply of low-rise homes has trended lower over the last decade, demand has remained strong, pointing to more competition between buyers and very strong price growth.
The average price of a new low-rise home as of October 31, 2015 was $802,376 - more than double the average price in 2005, which was $387,369.
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Irene Owchar is a Mississauga Realtor: "I grew up in Missy, lovin' raising my kids and working in this beautiful City."
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