Demand for Toronto homes has plummeted but experts predict big changes Toronto RealEstate
It will now cost you close to $2 million to own the average single-family home in the region, according to the latest monthly report released by the Building Industry and Land Development Association on Monday.
Condominium apartments accounted for most of the inventory sold in March at just shy of 900 units, down 73 per cent year-over-year and 63 per cent below the ten-year average for the month. Only 384 single-family home sales were recorded last month, a 57 per cent decline from last year and 67 per cent below the ten-year average.
New home inventory sat just below 14,500 units in March, a decline from the previous month but a substantial increase over the record low seen in March 2022. "Overall, the new home market remains poised for an upswing as inventory levels are robust and pricing crawls higher," said Edward Jegg, Research Manager with Altus Group.
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