Tight supply drives up new house prices and condo values in February.

Original article via The Star. Click here to read.

There is little relief so far this year for first-time buyers in the Toronto region looking to purchase a new construction home.

The overall limited supply of newly built and pre-construction homes is particularly severe in the single-family category — detached, semi-detached and townhouses — priced for first-time buyers, according to the home building industry.

That shortage is continuing to send first-time buyers into the condo market where the benchmark price of a condo rose 39.5 per cent year over year in February, compared to a 12.8 per cent price rise for single-family homes.

 

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