• mobile: 604-765-8873
"I work for YOU, not the lender"

Blog by Linda M Linfoot

<< back to article list

Market Commentary April 29

Market Commentary

It was just a matter of time and it has finally happened. The average price of a new, detached home in the Greater Toronto Area has surpassed the $1 million mark.

The Building Industry and Land Development Association (BILD) -- the people who develop property and build new houses in the GTA -- reported last week that the average came in at a little less than $1,046,000 in March.

BILD calls it a simple case of supply and demand. Land available for new housing development is not keeping up with the demand for homes. Therefore inventories are low and prices are high.

Unfortunately figures for other markets do not appear to exist. Statistics Canada's New Home Price Index does not provide dollar values. Local real estate boards track resale, not new home, prices. And home builders associations across the country do not provide figures.

The average price of an existing, detached, 3-bedroom home in Toronto topped the million dollar mark several months ago. Vancouver did it more than a year ago.