Average home price in GTA surpasses $1 million

For clients looking for single-family homes in the Greater Toronto Area, prices continue to climb.

In January, the average price of new single-family, low-rise homes–which includes detached, semi-detached, row and townhomes–increased to a new record of $1,028,395, reveals data from Altus Group.

A release from the Building Industry and Land Development Association (BILD) says prices of new ground-oriented homes grew 25% in just one year.

It adds the average price of a new detached home increased to an unprecedented $1,316,325 in January. Ten years ago the average price was $444,368. Meanwhile, the average price of a new GTA townhouse was $879,619 last month compared to $328,989 in January 2007.

There were just 1,524 new ground-oriented homes available for purchase in builders’ inventories at the end of January, a near record low. At this time in 2007, there were 18,400. Meanwhile, supply of new detached homes declined to 534, the lowest ever recorded in the GTA. Ten years ago there were 12,242.

Read: New homes inventory in GTA at ‘crisis levels’

The average price of new condominium apartments in stacked townhouses and mid- and high-rise buildings in the GTA reached $507,511 in January, also setting a new record. The average price per square foot reached an unprecedented $625. New apartment prices have grown 13% since January of last year, increasing by almost $60,000. A decade ago the average price was $322,569.

Read: GTA house prices could rise 16% in 2017

“Our industry is implementing provincial policy by building more condominium apartments and less ground-oriented housing,” says Bryan Tuckey, president and CEO of the BILD, in its release. “A decade ago condominiums represented just 42% of available inventory compared to 88% in 2017.”

After years of healthy supply, the number of new condominium apartments available for purchase began to decline. In January 2017 there were 11,529 new condominiums in builders’ inventories across the GTA, which is a 10-year low.

Overall, there were 13,053 new homes in builders’ inventories across the region in January compared to 31,461 a decade ago.

See the full report here.

Also read: Home sales plummet in previously red-hot Vancouver