News
Land Supply Limits Are Driving Home Prices to New Highs
September 1, 2015
Wanna feel dizzy? Consider how much GTA low-rise house prices have risen in the past decade: 109%. Last month the average new-home price hit an unprecedented $806,391, according to RealNet, and the gap between high-rise and low-rise homes now stands at $360k. Building Industry and Land Development Association chief Bryan Tuckey, seen here at a BILD Habitat Week event, says homes are being bought "faster than they can be brought to market." Low-rise inventory has fallen below record-low levels several times this year, he notes, and will continue to “until we have an adequate supply of serviced land designated for development."
