Price of new detached homes in Toronto up 67% since last year
What new real estate record did Toronto break today? As prices for houses soar to new heights, it seems like all anyone can talk about is real estate.
It's much too early to tell whether or not the 16 measures outlined in the Fair Housing Plan will help cool the market down, and in until that happens, it seems like prices keep creeping upwards.
According to a report from the Building Industry and Land Association (BILD), the average price for a new detached home in the GTA hit $1,783,417 in March, up 67 percent since last year.
The report also looked at the availability of newly built homes. Over the past 10 years, there's been a 98 percent drop in the number of detached, single family homes on the market - in March 2007 there were 11,802 available; in March 2017 there were 233.
As BILD suggests, this all might be pushing more people towards condos. In March, the GTA saw a record number of condo sales with 4,500 suites sold, compared to the 3,820 sold in May 2016, the previous record-holding month.
Apparently 80 percent of the new homes sold in the GTA last month were condos in high and mid-rise buildings.
One of the measures implemented yesterday was a 15 percent Non-Resident Speculation Tax (NRST), so we'll have to see how that shakes things up.
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