RBC report published<\/a> this week that found housing affordability is\u00a0now deteriorating at a faster rate in the GTA than in the sizzling Greater Vancouver Area market. Greater Vancouver, however, remains the country\u2019s most unaffordable housing market.<\/p>\nBuilder inventory in the GTA sank to 15,184 homes in November. By comparison, new home inventory in November 2006 was 31,150 total homes. Patricia Arsenault, Altus Group\u2019s Executive Vice President of Research Consulting Services, says November\u2019s inventory was the lowest level recorded for the month since the firm started tracking this data in 2000.<\/p>\n
And while low-rise inventory, which dropped to 2,036 units in November, is continuing to sit at record low levels, Arsenault says it\u2019s not entirely to blame for the GTA\u2019s difficult inventory picture.<\/p>\n
“The low inventory story is not only about low-rise \u2013 high-rise inventories have been on a downward path over the past 3 years,” says Arsenault in a press release.<\/p>\n
Despite low inventory levels, 2016\u00a0year-to-date new home sales levels have surpassed those\u00a0seen in the previous two years. A total of 43,651 new homes have been sold in the GTA in 2016 between January and November, with high-rise picking up the slack from new low-rise sales.<\/p>\n
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