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The Construction and Land Development Commission (BILD) released data on new homes in Toronto in September, which showed that sales of low-rise homes nearly tripled from last year, while house prices fell more than 200,000 from their 2017 peak.
A local forum in Toronto yesterday posted a photo of a long line to buy a house on Reddit. The tail of the queue is not seen in the picture. It is said to be the grand occasion of the sale of a Condo property in Kangshan.
And Wanjin Woodbine&Elgin mill also launched a new version of the town house last Saturday.
Toronto real estate data are divided into two parts: resale of cash buildings and uncompleted new homes, which are released by two different departments. The multiple listing system MLS is responsible for the resale data of existing buildings, the TREB of the Toronto Real Estate Authority publishes the data every month, and the Construction and Land Development Commission (BILD) is responsible for the new market data.
The Canadian federal housing agency CMHC last week released a report on the housing market outlook 2020 predicting that house prices will rise above the 2017 high by the end of next year and 10 per cent higher by the end of 2021.
BILD, which is in charge of new home data in Toronto, just released data on new homes in the greater Toronto area last month, saying that the market for new homes in GTA was relatively strong in September, with sales of new homes and new projects, especially low-rise houses in detached, semi-detached and town houses, up 283% in September, but prices fell by more than 200,000.
According to new housing market data provided by BILD, sales of new homes in September were 3061, up 73 per cent from 1769 in 2018 last year and 40 per cent from 2192 in 2017.
Sales of low-rise homes increased the most, with 954 units sold in September, with sales of detached, semi-detached or town houses nearly three times higher than in 2018 (249) and 171% compared with 2017 (351).
The benchmark price of a new low-rise house in September was C $1,081,175, down 3.4 per cent in the past 12 months, according to BILD.
Looking back at the data released by BILD in 2017, the historical peak in new low-rise housing in the Greater Toronto area was C $1,366,693, which was set in July 2017.
According to the data released by BLID today, the price of the new lower floor is 1,081175, in other words, down 18% from the 2017 peak.
The authenticity of the data was confirmed by the launch of a new property in the Chinese-populated city of Wanjin in Toronto over the weekend.