The amount of money people pay to live in Toronto and such is astounding, but what about the GTA area? When you want to find a home in the GTA area, it’s going to be much pricier than it has been in the past – but that’s what happens when the supply of high-quality homes starts to run dry. During the month of July, there was actually an abundance of sales records being broken within the housing industry. With that being said, there is a particularly harmful trend that is creeping it’s way into the region. When it comes to the amount of homes being put up for sale, the number has become increasingly lacking as of late. This applies to detached homes, especially! There are tons of condos available, but not nearly enough “ground-based” housing projects to be considered. The lack of detached and townhome options is playing a part in the increased sale prices of homes, because the supply is much lower than the demand.
Frank Clayton, who is a senior researcher at Ryerson University’s Centre for Urban Research and Land Development, had taken a look at recent consumer surveys. He noticed that although there are provincial policies in place that would lean towards the production of condos, people whom are looking to buy property still want a home for themselves. Detached houses just seem like a much safer bet, as well as being looked at as the traditional way of living. If you’re a millennial, odds are you’ll be a little more interested in condos – but even the numbers themselves state that a low-rise house is much more suitable. When researching the numbers, low-rise houses had actually made up around 66% of all the homes sold within the region last year. When you look at this number compared alongside the 34% that condos made up, you realize the importance of having a decent supply of traditional homes (for sale, of course). Townhouses are always going to be a reasonable choice for renting, but owning a home is the ultimate goal in life.