A new report from the Building Industry and Land Development Association shows that prices in the GTA
reached an average of $785,800 in June (RealNet figures), amounting to a 15.5 per cent annual rise.
Bryan Tuckey, BILD’s chief executive, said: “Limited supply of developable land with essential infrastructure, like roads and sewers, is driving up prices of new homes coming to market.”
The lack of land leading to low supply of new homes means that many local people are being priced out of the city.
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Toronto’s residents are finding it tougher to become first-time buyers as home prices continue their upward trajectory.