Source: blog.newinhomes.com --- Thursday, March 30, 2017
According to a recent study , Sydney, Australia’s home prices are the fastest growing in the world…except for in Toronto . That’s right, the study says Toronto price growth is the greatest out of all major cities (populations of 1 million or more). While Sydney home prices grew 18.4% year-over-year, Toronto’s went up 19%. New York trailed with an 11.5% increase, followed by Hong Kong with a 10.8% increase and Tokyo’s 9.3% increase. It’s also worth mentioning that Vancouver was up there with a 14% home price increase! Though Toronto’s price growth was somewhat greater than Sydney’s, the latter is still more unaffordable with the median home price equalling 12 times the average annual household income. The only area to outdo Sydney’s unaffordability was Hong Kong. Both Hong Kong and Sydney blame land constraints and poor planning policies for their rapid home price increases. Sound familiar? Toronto’s new home industry also places much of the blame on provincial planning policies, time consuming approval processes, and a lack of developable land. Vancouver As of the end of February 2017, the average price of a new condo unit in the Greater Toronto Area (GTA) hit a record high of $523,086 , according to the Building Industry and Land Development Association (BILD). The average price per square foot also hit a record high of $652. For new low-rise homes, the average price remained over $1 million, while detached homes are priced for ...
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