Toronto’s new home prices hit fresh record as housing shortage nears ‘crisis levels’
By NextHome Staff
February 03, 2017
February 03, 2017
The Globe and MailAmid record prices for new detached homes that soared 27.5 per cent in 2016, Toronto builders say they could sell even more houses but they just don’t have them.The Building Industry Land Development Association (BILD), which has about 1,400 members in the land development, home building and professional renovation industry, says the average sale price of a detached home in the Greater Toronto Area climbed about $273,000 in 2016 to $1,264,604.The industry group said 2016 was also a record year in terms of the lack of inventory for all housing while sales levels and prices of high-rise condo set new highs — as consumers continued to look to those units to escape prices in the low-rise sector of the market.http://business.financialpost.com/personal-finance/mortgages-real-estate/torontos-new-home-prices-hit-fresh-record-as-housing-shortage-nears-crisis-levels