According to a new report from the Building Industry and Land Development Association (BILD), the benchmark price for a new single-family house in the Greater Toronto Area has grown to a record high of $1,573,764 – a significant increase from the $1.2 million benchmark set in 2020.
Over the last year, single-family homes have been in great demand across the GTA as purchasers sought extra room amid the pandemic. Due to the tiny amount of homes that come on the market, competition has been severe for those that do, driving prices considerably upwards.
The figures from September show this tendency very clearly. In the GTA, only 1,073 single-family houses were sold in September, a shocking 54 percent decline from September 2020. With so few homes on the market, prices have never been higher.
According to BILD President and CEO Dave Wilkes, the current focus should be on increasing supply to help enhance affordability.
“At a time when new housing supply is being rapidly absorbed by the market, it is more
important than ever for municipalities across the GTA to remove every roadblock to bringing more housing online,” said Wilkes. “Whether municipalities are considering affordable housing initiatives or implementing Growth Plan commitments that define where new growth will occur, they must retain a laser focus on bringing supply to the market as quickly as possible, as the region prepares to welcome four million more residents by 2051.”