The typical GTA condo price continued to rise in July as the number of sales cooled off, according to the most recent report from the Building Industry and Land Development Association (BILD).
In July, the GTA benchmark condo price — the predicted price for a representative property in the area — hit a new record high of $1,091,648, marking a 9.8% increase over the past 12 months. This comes as the number of condos sold took a hit, falling 11% below the 10-year-average.
Low inventory levels — something that has plagued the GTA market over the past year, driving up competition and prices — fell even lower in July compared to the previous month, the report says, not just for condos but for apartments and single-family homes as well.
“Low inventory levels for both condominium apartments and single-family homes are a persistent problem in the GTA that exerts upward pressure on prices,” said BILD President and CEO Dave Wilkes.
“We are encouraged to see that the issues of housing supply and affordability are prominent in the lead-up to the federal election—as they must be in elections at every level if we are to build the housing people in our region need, at prices they can afford. What we need is an alignment of federal, provincial and municipal housing policy on market-rate housing.”
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Single-family homes, including detached, linked, and semi-detached houses and townhouses, also saw a drop in sales, falling 21% below the 10-year-average. Prices in this segment, though, also saw widespread increases. Single-family homes alone are now up 28.4% over the past 12 months, sitting at a new record-high benchmark price of $1,517,841.
“New home sales took a bit of a breather in July,” said Edward Jegg, analytics team leader at Altus Group — the software company that sourced the sales data.
“A drop in July is typical, as potential buyers take time off to enjoy too-short Canadian summers and fewer new projects launch. Adding to the seasonal dip this year was some moderation following the surge in sales from July 2020 through April 2021 that followed the initial pandemic lockdowns.”