[URBAN NOTE] “Toronto housing shortage verging on crisis levels”
blogTO’s Derek Flack warns about the worsening of Toronto’s housing shortage.
In the latest bit of troubling news related to Toronto’s real estate market comes a report from the Building Industry and Land Development Association (BILD), which suggests the city’s soaring housing prices are a sign of trouble on the horizon.
“We have a shortage of housing supply in the GTA that is approaching crisis levels,” BILD President and CEO Bryan Tuckey said in a press release.
This lack of inventory is driving prices to record highs with no let up in demand. The average price for a detached home in the GTA reached $1,264,604 at the end of 2016, marking an increase of $273,000 in the last 12 months according to BILD’s figures.
“Housing is selling as quickly as the industry can bring it to market and the lack of developable land that is serviced with infrastructure, excessive red tape, out-of-date zoning and NIMBYism are hindering our ability to bring more to the market.”