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Housing plan had little effect on GTA new home market

GTA chart

Ontario’s Fair Housing Plan has apparently had no effect on rising new home prices in the Toronto area, according to the 1,450-member BILD (Building Industry and Land Development Association).
The housing plan has introduced taxes on some foreign buyers and speculators, among other measures, in an effort to cool the white-hot Toronto area housing market.
There were 3,357 sales of new condos in May, slightly fewer than a year ago but 61 per cent above the 10 year average. The 545 sales of new single-family detached houses was a 76 per cent drop from last year and 68 per cent off the 10 year average.
But BILD said the overall effect of the plan was muted.

"For the new home market, the province's fair housing plan has had little real effect," said BILD President and CEO Bryan. "Prices continue to increase and supply, especially for single-family low-rise homes, continues to be low.” Tuckey added that “the price acceleration in the condo portion of the market is especially worrisome."
The average new condo price in the GTA has increased 33 per cent year-over-year, to $604,683. For the first time, the average new townhome asking price eclipsed the $1 million mark.
The average asking price for a new detached house, meanwhile, was $1,942,316.
Patricia Arsenault, Altus Group's executive vice president of research consulting services said that, for condo developers, “it was still full steam ahead in May.”
She noted that 4,900 new condo units came to the market in May across the GTA, almost twice as many as in the previous month.


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