Even as housing prices have cooled throughout the GTA since the 2016 market peak, the average house still fetched $873,100 as of March, while the typical condo unit costs over half a million dollars, at an average of $522,300.
The key to building more affordable housing lies in the availability of public surplus lands, which is government owned land that is “vacant or underutilized, that is no longer needed to deliver government goods and services (Infrastructure Ontario).
As millennials continue to be priced out of many urban housing markets across the Greater Toronto Area, Montreal is becoming an affordable haven for younger buyers, but the wide selection and relatively low prices won’t last forever.
The provincial Budget was tabled last week. I was hoping for more details on the Housing Supply Action Plan, but we were simply reminded again that the Plan is in the works and will somehow increase housing supply in Ontario.
Are you considering renting for longer because of the high condo prices in the Greater Toronto Area? Well, it looks like condo rental rates in the GTA didn’t get much more affordable compared to the end of 2018.