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RSS FeedsNewly built GTA home prices soar despite surge in re-sale listings
(The Star Theatre)

 
 

24 may 2017 22:58:41

 
Newly built GTA home prices soar despite surge in re-sale listings
(The Star Theatre)
 


A surge in re-sale listings this spring has not had an impact on the demand for new construction homes, which cost 40 per cent more on average in April than the same month last year.The price of a newly built low-rise home — a category that includes detached, semi-detached and townhouses — was $1.2 million last month in the Toronto region, while detached homes alone averaged $1.8 million.The cost of condos, which made up 70 per cent of new home sales in the Toronto region, rose nearly 24 per cent from April 2016 to $570,226, according to the statistics released by the Building and Land Development Association (BILD) on Wednesday.Read more:Obsession with home ownership driving Toronto affordability crisis, report findsMost Canadians would have trouble with 10% hike in mortgage payments: pollAs Toronto housing frenzy wanes, sellers left scrambling“The additional re-sale listings only moved the needle on the supply situation from ridiculously tight to extremely tight,” said Patricia Arsenault, executive vice-president at Altus Group, which tracks sales for BILD.There were 34 per cent more re-sale home listings in the Toronto region in April, according to Toronto Real Estate Board (TREB) figures released earlier in May.But that still equates to only one month supply of single-family homes and three months for condos. A year ago, there was 1.5 months’ supply of single-family homes and 9.5 months’ inventory of condos, said Arsenault.While the new and re-sale home markets are connected, there are always buyers who prefer new construction, she said.For the first time in more than a decade, there were fewer than 10,000 new housing units available across the Toronto region in April.That reflects strong demand rather than a reduction in the number of new homes coming on the market, said Arsenault.The number of sales actually increased 7 per cent compared to April 2016 and 24 per cent in the first quarter over the first four months ...


 
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