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.