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A hit in the record price of $1.25 Million for the GTA Condos

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A hit in the record price of $1.25 Million for the GTA Condos In the year 2022, the month of March has seen the price of new constructions in the Greater Toronto Area (GTA) reach a new record of $1.25 million. Due to this, sales in the region have witnessed a change in their numbers, from a fast pace to a slightly slower one. The prices of the recently built condos and houses have definitely set a historical record, especially in the month of March. The rise in prices of the new constructions has led to a housing supply crisis in the region of Toronto. The year 2021 also witnessed the price of recently built single-family houses in the Greater Toronto Area hit a new benchmark. According to the details and figures that were given by the Building Industry and Land Development Association (BILD), during the month of March 2022, the sum total of homes that were sold was approximately 4,115 homes. However, there was a 21% decrease as compared to the same month last year- 2021. But in spite of that, the total amount of sales in the month of March was still 12% greater than the area’s 10-year average. The standard price for new constructions of detached or semi-detached townhouses was up to $1.86 million in the month of February 2022. The prices of newly constructed condos have also been rising 13% percent every year up to $1.18 million, as stated by the Building Industry and Land Development Association (BILD). Out of all the housing products, the condo apartments were the products that sold the most between the months of February and March. Approximately 3,277 settlements were made for units in high, medium, and low-rise buildings, including loft suites and stacked townhouses. The sales in condos during the month of March 2022 had significantly decreased to 7% as compared to last year March 2021, however, it was 34% higher than the 10-year average. According to a few of the Building Industry and Land Development Association (BILD) personnel, there is too much demand for housing products, but too little supply. Due to this imbalance in the market, people will continue to witness an upward rise in the prices of housing products. There is a need to fundamentally rebalance the market. Without the rebalancing, the high prices of housing units could have an impact on the economic prospects of the Greater Toronto Area. The high costs could affect the future of the region. It could result in the slow migration of people leaving or moving outside the Greater Toronto Area. The rise in prices could have an effect on attracting people or workers to this area. It could also affect an important industry in the region, which could affect the economy. Could these problems be fixed by creating more supply? The newly built single-family houses excluding the stacked townhouses but including the townhomes, linked, detached, and semi-detached homes- recorded up to 838 units purchased in the month of March. As compared to the same month last year, the single-family units that were purchased dropped down to 50% and were 32% lesser than the 10-year average. The region of York in Toronto recorded the bulk of single-family units that were purchased in March- approximately 254 housing units. A monthly Building Industry and Land Development Association (BILD) report recently mentioned that the sum total of the new housing units sales was not impacted as much and the sales maintained a strong pace. However, there are a few signs indicating a slower pace of sales due to higher rates of interest and high costs, which will begin to affect demand. As stated previously, the price of newly built condos in the Geater Toronto Area reached a historic record of $1,252,515 in the month of March, there was a 17.7% climb over the last year. The single-family housing units witnessed an even greater rate of price growth, which went from 27.3% over the last year to a benchmark of $1,838,396. The demand for housing units kept rising more than the supply in the month of March, leading to the skyrocket in prices as demand kept increasing. As the sales of newly constructed homes and units slowed down or shifted to a slower pace as compared to March of the previous year, the demand for these newly built houses kept outpacing the supply, which left the region with a problem called as ‘inventory shortfall’. As mentioned by the CEO and President of The Building Industry and Land Development Association (BILD), the main focus now would be to keep an eye on the future and the long-term solution for constructing new houses and units. A rebalance of the market is essential. Related posts. Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site by admin123 A hit in the record price of $1.25 Million for the GTA Condos by admin123 Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123 A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123

A hit in the record price of $1.25 Million for the GTA Condos Read More »

A Drop in price of new-construction homes by $60,000 in January

Blogs / / / , , , , , , , , , , , ,

A Drop in price of new-construction homes by $60,000 in January In comparison to December, the price of new construction homes in the Toronto region was slightly lower in January. This was due to the fact that the number of condos sold reached an all-time high, while the availability of single-family homes continued to decrease. According to the data provided by the Home Builders Association, the median price of a single-family home in January rose to $1.77 million, which represents a year-over-year increase of 30 percent from the previous month’s figure but a decrease of nearly $60,000 from the previous December figure. According to a report that was released on Thursday by the Building Industry and Land Development Association (BILD), the number of townhomes, semi-detached, and detached houses that were sold in December represented a 67 percent annual decrease from January 2021, and it was 33 percent lower than the 10-year average. In the meantime, the launch of nine new condominium projects led to sales of a record number of 2,274 highrise, midrise, and stacked townhouse units in the month of January. This figure is more than double the 10-year average and 232 percent higher than sales in the same month the previous year. According to the findings of the study, the average cost of a recently constructed condo has risen to $1.15 million, representing a year-over-year increase of approximately 13 percent from the previous figure. The benchmark price that was established in December is approximately $33,000 lower than this price. At the end of the previous month, there were only 550 single-family homes that were either in the pre-construction, construction, or recently built stages that were available on the market. It was a significant decrease from the 15,000 homes per month that was typical during the decade spanning from the 2000s to the 2009s. This represented a drop of approximately 10% from the levels that existed before the pandemic. According to BILD senior vice-president Justin Sherwood,“What we’re seeing is smaller and smaller releases on single-family (units) just based on the availability of serviced land in the GTA.” Although there will be some new supply in the spring, those smaller project releases are likely to continue as “land supply is tight just about everywhere,” he said. All you have to do is take a look at the number of single-family homes that are currently on the market. It’s 550. Ten years ago, there were 5,000 of them. Sherwood stated that there were over 20,000 in any given month when he worked there twenty years ago. In general, the supply is only a third of what it should be in aggregate, and it does not even exist for single-family homes. Since December, the inventory of condos available for purchase has seen a slight increase thanks to new project launches in the past month. According to Ed Jegg, who is in charge of the analytics team at Altus Group, which is the company that compiles the industry statistics, this still only leaves 2.9 months of supply based on the average sales over the past 12 months. According to him, a well-balanced market would have a supply that is sufficient for nine to twelve months. Instead, the inventory has dropped to a level that is roughly half of what it was in the years 2011-2016. The average condo unit was 926 square feet in size, and the average price per square foot for a condo was $1,243. Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123

A Drop in price of new-construction homes by $60,000 in January Read More »

A hit in the record price of $1.25 Million for the GTA Condos

Blogs / / / , ,

A hit in the record price of $1.25 Million for the GTA Condos In the year 2022, the month of March has seen the price of new constructions in the Greater Toronto Area (GTA) reach a new record of $1.25 million. Due to this, sales in the region have witnessed a change in their numbers, from a fast pace to a slightly slower one. The prices of the recently built condos and houses have definitely set a historical record, especially in the month of March. The rise in prices of the new constructions has led to a housing supply crisis in the region of Toronto. The year 2021 also witnessed the price of recently built single-family houses in the Greater Toronto Area hit a new benchmark. According to the details and figures that were given by the Building Industry and Land Development Association (BILD), during the month of March 2022, the sum total of homes that were sold was approximately 4,115 homes. However, there was a 21% decrease as compared to the same month last year- 2021. But in spite of that, the total amount of sales in the month of March was still 12% greater than the area’s 10-year average. The standard price for new constructions of detached or semi-detached townhouses was up to $1.86 million in the month of February 2022. The prices of newly constructed condos have also been rising 13% percent every year up to $1.18 million, as stated by the Building Industry and Land Development Association (BILD). Out of all the housing products, the condo apartments were the products that sold the most between the months of February and March. Approximately 3,277 settlements were made for units in high, medium, and low-rise buildings, including loft suites and stacked townhouses. The sales in condos during the month of March 2022 had significantly decreased to 7% as compared to last year March 2021, however, it was 34% higher than the 10-year average. According to a few of the Building Industry and Land Development Association (BILD) personnel, there is too much demand for housing products, but too little supply. Due to this imbalance in the market, people will continue to witness an upward rise in the prices of housing products. There is a need to fundamentally rebalance the market. Without the rebalancing, the high prices of housing units could have an impact on the economic prospects of the Greater Toronto Area. The high costs could affect the future of the region. It could result in the slow migration of people leaving or moving outside the Greater Toronto Area. The rise in prices could have an effect on attracting people or workers to this area. It could also affect an important industry in the region, which could affect the economy. Could these problems be fixed by creating more supply? The newly built single-family houses excluding the stacked townhouses but including the townhomes, linked, detached, and semi-detached homes- recorded up to 838 units purchased in the month of March. As compared to the same month last year, the single-family units that were purchased dropped down to 50% and were 32% lesser than the 10-year average. The region of York in Toronto recorded the bulk of single-family units that were purchased in March- approximately 254 housing units. A monthly Building Industry and Land Development Association (BILD) report recently mentioned that the sum total of the new housing units sales was not impacted as much and the sales maintained a strong pace. However, there are a few signs indicating a slower pace of sales due to higher rates of interest and high costs, which will begin to affect demand. As stated previously, the price of newly built condos in the Geater Toronto Area reached a historic record of $1,252,515 in the month of March, there was a 17.7% climb over the last year. The single-family housing units witnessed an even greater rate of price growth, which went from 27.3% over the last year to a benchmark of $1,838,396. The demand for housing units kept rising more than the supply in the month of March, leading to the skyrocket in prices as demand kept increasing. As the sales of newly constructed homes and units slowed down or shifted to a slower pace as compared to March of the previous year, the demand for these newly built houses kept outpacing the supply, which left the region with a problem called as ‘inventory shortfall’. As mentioned by the CEO and President of The Building Industry and Land Development Association (BILD), the main focus now would be to keep an eye on the future and the long-term solution for constructing new houses and units. A rebalance of the market is essential. Related posts. A hit in the record price of $1.25 Million for the GTA Condos by admin123 Toronto’s Next Big Development Project: The Humber Bay- Lake Shore Site by admin123 Home Costs in Canada Reach a New Record: Current Scenario and Predictions. by admin123 10 million homes required in Ontario in next 10 years by admin123 A new record in Q1 as the Pre Construction condo sales increase by admin123 Construction worker’s strike affects high rise in GTA by admin123

A hit in the record price of $1.25 Million for the GTA Condos Read More »

A Drop in price of new-construction homes by $60,000 in January

Blogs / / / , , , , , , , , , , ,

A Drop in price of new-construction homes by $60,000 in January In comparison to December, the price of new construction homes in the Toronto region was slightly lower in January. This was due to the fact that the number of condos sold reached an all-time high, while the availability of single-family homes continued to decrease. According to the data provided by the Home Builders Association, the median price of a single-family home in January rose to $1.77 million, which represents a year-over-year increase of 30 percent from the previous month’s figure but a decrease of nearly $60,000 from the previous December figure. According to a report that was released on Thursday by the Building Industry and Land Development Association (BILD), the number of townhomes, semi-detached, and detached houses that were sold in December represented a 67 percent annual decrease from January 2021, and it was 33 percent lower than the 10-year average. In the meantime, the launch of nine new condominium projects led to sales of a record number of 2,274 highrise, midrise, and stacked townhouse units in the month of January. This figure is more than double the 10-year average and 232 percent higher than sales in the same month the previous year. According to the findings of the study, the average cost of a recently constructed condo has risen to $1.15 million, representing a year-over-year increase of approximately 13 percent from the previous figure. The benchmark price that was established in December is approximately $33,000 lower than this price. At the end of the previous month, there were only 550 single-family homes that were either in the pre-construction, construction, or recently built stages that were available on the market. It was a significant decrease from the 15,000 homes per month that was typical during the decade spanning from the 2000s to the 2009s. This represented a drop of approximately 10% from the levels that existed before the pandemic. According to BILD senior vice-president Justin Sherwood,“What we’re seeing is smaller and smaller releases on single-family (units) just based on the availability of serviced land in the GTA.” Although there will be some new supply in the spring, those smaller project releases are likely to continue as “land supply is tight just about everywhere,” he said. All you have to do is take a look at the number of single-family homes that are currently on the market. It’s 550. Ten years ago, there were 5,000 of them. Sherwood stated that there were over 20,000 in any given month when he worked there twenty years ago. In general, the supply is only a third of what it should be in aggregate, and it does not even exist for single-family homes. Since December, the inventory of condos available for purchase has seen a slight increase thanks to new project launches in the past month. According to Ed Jegg, who is in charge of the analytics team at Altus Group, which is the company that compiles the industry statistics, this still only leaves 2.9 months of supply based on the average sales over the past 12 months. According to him, a well-balanced market would have a supply that is sufficient for nine to twelve months. Instead, the inventory has dropped to a level that is roughly half of what it was in the years 2011-2016. The average condo unit was 926 square feet in size, and the average price per square foot for a condo was $1,243. Related posts. Expert’s Reaction to the increasing rates by the Bank of Canada by admin123 Living in Main Floors- A Great matter of importance for Aging Canadians who want a Pleasant Life Ahead by admin123 National home prices historically higher, listings terribly low by admin123 Housing prices kicks off, stuck historically high, but trended lower in January by admin123 Soleil Condominiums by Mattamay to beam in Milton by admin123 As home prices rise, Ford wants to approve developments as soon as possible by admin123

A Drop in price of new-construction homes by $60,000 in January Read More »