most recent data<\/a> released by the Building Industry and Land Development Association (BILD), the benchmark price for a new single-family home was $1,858,713 in February, up 35.3 per cent over the last 12 months. By comparison, the benchmark price for a new condominium apartment in the GTA rose 13 per cent over the same time period to $1,177,739.<\/p>\nEdward Jegg, manager of research consulting at Altus Analytics by Altus Group, noted in the monthly market report that benchmark new home prices for both the single-family and condo apartment sectors \u201cset record highs in February.\u201d<\/p>\n\n
\u201cThe steep increases in benchmark prices that we have seen over the last few years reflect our region\u2019s critically low supply of new homes,\u201d said Dave Wilkes, president and CEO of BILD, in the report.\u00a0\u201cIf this trend continues unchecked, we are all going to feel the effects, as more and more families make the difficult choice to leave the GTA in search of housing and our region loses out on economic growth, jobs and tax revenues. Now is the time for all parties to come together and act decisively to address our housing supply and affordability crisis,\u201d he added.<\/p>\n
Last month was the best February on record for new construction condo sales within the GTA.<\/p>\n
In February, 3,048 new condo apartment units were sold, up 78 per cent from February 2021 and 67 per cent over the 10-year average. This establishes \u201ca new monthly high for condominium apartment sales for February.\u201d Last month’s condo sales total includes units in low-, medium- and high-rise buildings, in addition to stacked townhouses and loft suites.<\/p>\n
In total, 3,630 new homes were purchased within the GTA during February, a 17 per cent increase from the region\u2019s 10-year average. New single-family homes accounted for just 582 of February\u2019s transactions, 54 per cent below the 10-year average. New single-family units include detached, linked and semi-detached homes and townhomes, but exclude stacked townhouses.<\/p>\n
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<\/a>Photo:\u00a0Helen Filatova<\/a> \/ Adobe Stock<\/em><\/p>\n