BILD<\/a> said, while single-family homes slumped 33 per cent below their 10-year average on affordability concerns.<\/p>\nTotal November new home sales of 5,042 were 29 per cent above the 10-year average<\/p>\n
Condominium apartments, including units in low, medium, and high-rise buildings, stacked townhouses and loft units, accounted for 4,274 units sold in November, 56 per cent above the 10-year average.\u00a0<\/span><\/p>\nSales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 768 units sold in November, which was 33 per cent below the 10-year average due to declining affordability.s<\/p>\n
Inventory decreases<\/h3>\n
As condominium apartment unit sales outpaced openings in November, remaining inventory decreased compared to the previous month, to 10,200 units. (Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.) This was still well below the 10-year average of 16,000 units and current inventory represents less than four months\u2019 supply.\u00a0<\/span><\/p>\nThe benchmark price for condominium apartments increased to $1,082,713 in November compared to the previous month, up 7.8 per cent over the last 12 months.<\/p>\n
With new single-family home openings low, remaining inventory for single-family homes saw a very slight increase in November compared to the previous month, to 1,188 units. Inventory for single-family homes remains close to historic lows. The tight inventory contributed to another record in the benchmark price for new single-family homes, of $1,679,941 in November, which was up 33 per cent over the last 12 months.<\/p>\n
The data was compiled by Altus Group.<\/p>\n
\u201cHousing affordability driven by lack of supply has become a critical issue in the GTA with broad societal implications,\u201d said Justin Sherwood, BILD\u2019s SVP. \u201cHousing affordability will be a significant issue in the 2022 provincial and municipal elections. The current supply challenge is a man-made problem and BILD encourages candidates to bring forward meaningful supply side solutions in their platforms.\u201d<\/p>\n
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<\/a>Photo:\u00a0artemzavarzin<\/a> \/ Adobe Stock<\/em><\/p>\n