The demand for low-rise housing in the GTA is outpacing supply, with homes being purchased as soon as they are brought to market, the Building Industry and Land Development Association (BILD) announced in July.
Supply of low-rise homes, which includes detached, semi-detached and townhomes, hit a new record low in June, bringing inventory levels down to just 5,155 across the GTA. There were 2,381 low-rise homes sold in June – exceeding the amount brought to market that month.
“Constrained supply of low-rise housing is significantly affecting choice for new-home buyers in the GTA,” said BILD president and CEO Bryan Tuckey. “Limited supply of developable land with essential infrastructure, like roads and sewers, is driving up prices of new homes coming to market.”
The average price of a new low-rise home in the GTA hit a record-high $785,800 in June, according to RealNet Canada Inc., BILD’s official source for new home market intelligence. Pricing in the high-rise sector remained relatively unchanged at $441,134.
“As prices continue to grow, many GTA residents have been priced out of the low-rise market,” Tuckey added. “We need to ensure a healthy supply of low-rise homes in the GTA to accommodate demand for our growing population.”
Monthly hew-home sales by municipality
Source: RealNet Canada Inc.
A statistical backgrounder is available for viewing.