Cost of a new single-family home in the GTA is up 33% from last year

Nov 2 2021, 3:40 pm

Would-be buyers looking to purchase a new single-family home in the GTA will have to prepare to pay 33% more than they would have last year.

A new report from the Building Industry and Land Development Association (BILD) found that the benchmark price for a new single-family home in the GTA has risen to a record-high of $1,573,764 — a big change from 2020’s $1.2 million benchmark.

Single-family homes have been in high demand over the past year across the GTA as buyers looked for more space during the pandemic. With there being a relatively small number of homes coming on the market, competition for those that do has been fierce, driving prices sharply upwards.

This trend can be seen clearly in the numbers from September. Just 1,073 single-family homes were sold throughout the month in the GTA — a staggering 54% decrease from September 2020. And with such few home sales, prices have never been higher.

The focus now, says BILD President and CEO Dave Wilkes, should be on creating more supply to help increase affordability.

“At a time when new housing supply is being rapidly absorbed by the market, it is more
important than ever for municipalities across the GTA to remove every roadblock to bringing more housing online,” said Wilkes.

“Whether municipalities are considering affordable housing initiatives or implementing Growth Plan commitments that define where new growth will occur, they must retain a laser focus on bringing supply to the market as quickly as possible, as the region prepares to welcome four million more residents by 2051.”

Laura HanrahanLaura Hanrahan

+ Real Estate
+ Urbanized
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