February housing numbers

by Brandon Donnelly

The Building Industry and Land Development Association (BILD) announced its February (2017) numbers today for the Greater Toronto Area. Here are some of the highlights:

– At the end of February, there were 324 detached homes available in developer inventories. Ten years ago, this number was was 12,064 (detached only).

– If you consider all low-rise homes (detached, semi-detached, and towns) the above numbers are 1,001 (2017) and 17,304 (2007), respectively.

– Average price of a new detached house is now $1,469,449. For all ground-related housing – again, including semis and towns – it’s $1,081,013.

– There were more than twice as many condo apartments sold than low-rise homes in February.

– Condo inventory is also dropping and reached a low of 10,342 units.

– Average price of a new condo increased to $652 per square foot and the average unit size decreased to 802 square feet.

Here’s that information in a chart from Altus Group:

The overall story here continues to be about decreasing inventory and increasing prices. There’s also the ongoing shift from low-rise to higher density housing, which I don’t view as a bad thing.