Toronto new house house tops $1.6 million; Vancouver at $2.3 million

December 1, 2021



Muirland Homes, Brampton, Ont.

The most expensive new-home markets in Canada became remarkably more pricey in October, according to recent data.
In the Greater Toronto Area (GTA), the benchmark price for a newly-built detached house in October was $1.66 million—up 36.7 per cent from October 2020—according to the Building Industry and Land Development Association (BILD).
In Metro Vancouver, the average price of a new single-detached house reached $2.3 million in October 2021, up 18.3 per cent from October 2020, reports Canada Mortgage and Housing Corp.(CMHC).
In the GTA, sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses) accounted for 1,112 units sold in October, 14 per cent below the 10-year average.
While CMHC sales data for Metro Vancouver is not tracked the same as BILD sales data for the GTA, CMHC figures show that of the 2,569 detached houses started so far this year in Metro Vancouver, 2,275 were sold. October 2021 saw starts of just 262 detached houses and 181 townhouses across Metro Vancouver—both lower than a year earlier.
There is a shortage of single-family homes on the GTA market, according to BILD. In October the total inventory was 1,138 homes—the second-lowest level of remaining inventory for single-family homes in GTA history. The lowest level was in March, 2017.
“Several factors are contributing to the shortage of new single-family home supply in the GTA, including a lack of serviced land, supply chain issues and labour shortages,” said Justin Sherwood, BILD’s senior vice-president of communication.