The housing market in the GTA is at an all-time low and more than one million homes are needed, according to a new report.
A report by the Building Industry and Land Development Association says only 97 single-family homes sold in July.
Th Altus Group — which has been monitoring home sales for 22 years — says that this is the first time the numbers have dropped below 100.
The price of a new home, year over year, rose 27% to $1,933,912.
However, the condo market had a 5% year over year increase with 1,7877 unit sold in July.
Average condo prices were up 9.2% to $1,191,716 in July.
“New condominium apartment sales posted a robust July, buoyed by buyer resiliency and stable prices,” said Edward Jegg, Research Manager at Altus Group.
“In contrast, new single-family sales posted a record low in the face of slowing demand and a shortage of inventory.”
According to the report, new housing inventory dropped from the previous month to 10,848.
The demand for new will remain in the GTA with 1.5 million new homes that will be needed on the market.
“As BILD has said all along, the long-term demand for new homes is not going anywhere, despite short-term market trends,” said Dave Wilkes, BILD president and CEO.
“We have a monumental challenge ahead of us: to build the 1.5 million new homes Ontario needs to address the housing crisis, which is centred on the GTA. To help municipal and provincial governments take steps toward this ambitious target, BILD and OHBA recently released a five-point plan for bringing balance to the housing market.”