Cue the sounds of lost hopes and dreams.
Here's yet another reminder of how outrageous Toronto's real estate market can be and how seemingly out-of-reach it is to buy a brand new home.
In a press release posted on March 23, the Building and Industry Land Development Association and Altus Group revealed just how hectic the new home market was for the GTA last month.
According to their sales data, the benchmark prices for both new condos and single-family homes skyrocketed in the last twelve months.
New condos shot up by 13% for an average benchmark price of $1,177,739, while new single-family homes went up by an eye-watering 35.3% to $1,858,713.
"GTA benchmark new home prices set record highs in February in both the single family and condominium apartment sectors," Manager of Research Consulting at Altus Analytics for Altus Group, Edward Jegg, said in the release.
The number of sales for February also was 17% above the 10-year average, with a total of 3,630 sales for all types of new homes.
"Low available inventory, particularly for single-family homes, continues to exert upward pressure on prices," Jegg said.
The inventory for these types of homes was at a record low for February with 546 units up on the market.
"Total remaining inventory rose slightly compared to the previous month, to 9,165 units, as several new condominium apartment projects opened that month. This still represented only 3 months of total inventory based on average sales for the past 12 months," the report reads, and adding that a balanced market would include nine to twelve months of inventory.
It looks as if Toronto's real estate market is starting to slow down, as fewer people are putting down offers on homes and aren't viewing houses as much as before.
This article’s cover image was used for illustrative purposes only.
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