The present state of the GTA Real Estate Market

Excerpted from The Toronto Star:
This article is a recap of the state of the housing market in the GTA. After we've been thru a buying frenzy that drove prices up followed by a slow down- this article sort of says it all- that house prices will keep on going up confirming the need for every family to be a homeowner as soon as feasible.

New home sales in GTA plunge, prices soar in July

House prices rose 45% over last year and condos were up 40%.

There were 7,801 new homes on the market in July, a record low, that is down from 16,900 units last year and 28,358 10 years ago.   (Rene Johnston / Toronto Star File Photo)  

By Tess Kalinowski

Real Estate Reporter

Thu., Aug. 24, 2017

Despite a dramatic year-over-year drop in sales volumes of newly constructed home in July, prices in the Toronto region rose, with the industry association saying it expects a record year.

There were 85% fewer single-family homes sold in July compared to the same month last year, according to the Building Industry and Land Development Association (BILD).

But the cost of a detached, semi-detached or townhouse averaged about $1.32 million, a 45 per cent year-over-year increase.

Condos, which accounted for 92 per cent of new home sales in July, also rose in price by 40 per cent to an average of $665,041.

The cost per square foot of an apartment or stacked townhome averaged $764, up from $594 last July.

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Condos also got bigger, averaging 871 sq. ft., compared to 801 sq. ft. a year ago.

While the number of condos sold was down 35 per cent year over year, the year-to-date sales volume has actually increased 51 per cent and is double the 10-year sales average as more consumers look to condos as an affordable way to get into the housing market.

That's a stark contrast to the 50 per cent year-to-date decline in new single-family home sales, said BILD vice-president of communications Michelle Noble.