Home prices have increased 31% since the pandemic started, and will keep growing<\/a><\/strong>\r\n <\/div>\nThe price of a new condo apartment in the GTA hit a record in March, reaching a new benchmark of $1,252,515, a 17.7 per cent increase over the last 12 months. Single-family units experienced an even higher rate of annual price growth, rising 27.3 per cent over the past 12 months to a benchmark of $1,838,396.<\/p>\n
Demand continued to outpace supply in March. Although nine condo apartment projects were opened last month, remaining condo inventory dropped year-over-year for the tenth month in a row down to 7,220 units. Remaining inventory for single-family homes was more than 50 per cent lower compared to March 2021, falling to 830 units. Remaining inventory is defined as units in pre-construction projects, developments currently under construction and completed buildings.<\/p>\n
\u201cAlthough new home sales eased in March compared to the exceptionally strong pace of the past few months, demand continued to outpace the supply of new homes, leaving the region with an inventory shortfall,\u201d said Dave Wilkes, BILD\u2019s president and CEO, in the report. \u201cWe cannot let short-term market variations mask the root causes of the housing supply and affordability challenge in the GTA. We need to keep our eyes on the long-term solution\u2014building more new homes.\u201d<\/p>\n
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<\/a>Photo:\u00a0Norman Chan<\/a> \/ Adobe Stock<\/em><\/p>\n