TORONTO – The Building Industry and Land Development Association says the Greater Toronto Area’s supply of newly constructed homes last month hit its second-lowest level since it began tracking that data about 15 years ago.
The group says there were 15,184 new homes in builders’ inventories last month – about half of the 31,150 that existed exactly 10 years ago.
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The lowest recorded inventory level in at least 15 years was set in August of this year, at 15,100.
The shortage of housing units available to buy – especially fully detached, single-family houses – has been cited by the Canadian Real Estate Association and Toronto Real Estate Board as one factor behind soaring real estate prices.
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That is supported the association’s report, which says the average price for newly built detached houses in the GTA hit $1.23 million in November, 27 per cent higher than during the same month last year.
The average price of new condos reached $493,137 in November, up 10 per cent from a year earlier.
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