GTA Housing Market: Lowkey Throwback to the 90s? 📉🏠

The Deets

Okay, fam, listen up. Word on the street is the housing market in the GTA is looking sus. New home sales in July hit 359 units. That's a 48% drop from last year, and a whole 82% below the average from the last decade, no cap! We haven't seen numbers this low since the early 90s. Yikes!

Breaking it down further, condo sales are at 150 units (down 51%), and single-family homes are at 209 (down 44%). Basically, everything is down bad, fam.

But here's where it gets even spicier: there are 22,654 unsold units chilling right now. That's like, 20 months' worth of supply. The highest it's ever been, tbh. Talk about a major inventory flex that nobody asked for.

Surprisingly, condo prices are holding steady at around $1,029,527. Single-family homes, tho, took a small L, dropping 6.1% to an average of $1,488,940. Still kinda pricey, tbh.

And Simcoe County? Don't even get me started. They sold ONE condo and 28 single-family homes. Single-family homes there are averaging $1,114,077. Sheesh!

Now, the industry peeps at BILD are straight-up panicking. They're hitting up the government, saying, "Yo, we need some serious intervention, like, ASAP! We don't want a repeat of the 90s nightmare!" They're worried about a potential market collapse due to a lack of buyer demand and high building costs. They are looking for some tax relief and keep the foreign buyer ban.

Basically, the housing market is giving us major anxiety. Will the government step in? Will prices finally drop to something reasonable? Only time will tell, fam. Stay tuned for more deets, and maybe hold off on buying that mansion for now...