[URBAN NOTE] “Average price of a new detached house in Toronto now $1.24 million”
Wow. The Toronto Star‘s Tess Kalinowski reports.
The average price of a new detached house in the Toronto region has risen a staggering 27 per cent, or $258,000, in the last year to an average of $1.24 million, according to the latest statistics released by Altus Data Solutions for the Building and Land Development Association (BILD).
Theclimb in pricesthat has become a regular feature of the new and resale residential real estate scene come as the supply of new builds hits a 16-year record low.
“If you look 10 years ago there were double the amount of new homes available to purchase in builder inventories than there were at the end of November,” said BILD vice-president Michelle Noble.
There were 15,184 new homes available in the Toronto region at the end of November, about half the 31,150 inventory at the same time in 2006.
Only 13 per cent of new homes on the market at the end of last month were low-rise homes, and, of the 2,036 low-rise units, only 789 were detached.