“New construction, single-family home sales decline 58% in 2017” via The Star

The search won’t get any easier this year for house hunters looking for an affordable, new construction, single-family home, says the association representing home builders.

The supply shortage that helped drive up the average price of a newly built, single-family home 23 per cent year-over-year in December, to $1.23 million, will continue, said Dave Wilkes, who took over this month as CEO of the Building and Land Development Association (BILD).

The market will continue to tilt to condos, which dominated sales and saw a 41.3 per cent price rise in December to $716,772, compared to the same month the year before, when they cost $507,128 on average, he said.

The number of single-family homes sold last year, 7,714 — including detached, semi-detached and town houses — was down 58 per cent from 2016 and 50 per cent from the 10-year average, according to BILD statistics.

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