Buying a home in the GTA isn’t getting any easier

It isn’t getting any easier to buy a home in Canada’s most expensive housing market, according to a new report from BILD and Atlus Group.

According to the research firm’s data, over 3,500 new homes were sold in the Greater Toronto Area (GTA) in September, amounting to a 16 percent increase over the 10-year average. Further, 1,000 of these sales were single-family homes, which includes semi-detached and townhomes.

As we’ve reported in the past, these strong sales have resulted in limited inventory across the region, driving up the benchmark cost of a new single-family home to a record high of $1,573,764. That number is a massive 33.5 percent leap over the same period last year to put this price in perspective.

In comparison, a new condo in the GTA sits at a benchmark cost of $1,036,831, a two percent increase over last year. Further, condos accounted for 2,500 sales in September, amounting to a 27 percent spike over the 10-year average.

“While available inventory is relatively low for both new single-family homes and new condominium apartments, the current supply dynamics are different for each sector,” said Edward Jegg, analytics team Leader at Altus Analytics, Altus Group. “There is very little new single-family product making it to the market, which is driving prices to new records. In contrast, there are significant levels of new condominium apartment product being launched, but strong demand means it is being bought up relatively quickly.”

With this data in mind, it doesn’t seem like the GTA’s surging real-estate market will slow down anytime soon.

Source: BILD Via: blogTO

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