Remaining inventory, which includes units in preconstruction projects, in projects currently under construction, and in completed buildings, dropped on a month-over-month basis, leaving some 9,483 condo units available and just 1,598 houses across the entire region. New condominium apartments, meanwhile, posted a benchmark price of $1,091,648 in July, according to BILD, representing an increase of 9.8 per cent since July of 2020. Such is no longer typically the case, according to the GTA's Building Industry and Land Development Association (BILD), which on Tuesday released its new home sale and price figures from July of 2021.īILD, which represents more than 1,300 land development and home building companies in the Greater Toronto Area, reports that new home prices "reached record highs" last month amid falling inventory levels.įor newly-built single-family homes in particular, the benchmark price (defined by realtors as the price of a typical home in an area) reached an average of $1,517,841 - a flabbergasting hike of 28.4 per cent over the same time last year. If you've always longed to buy a new home that nobody has ever lived in, Toronto might not be the best place to put down roots at the moment - not even in from way up in the sky, where your roots literally have no land beneath them to grow.īuilding a brand new house has never exactly been cheap, especially not in the exorbitantly overpriced City of Toronto, but prefabricated condos have traditionally been a reasonably affordable alternative for young buyers entering the market.
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