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By comparison, in November 2006 there were 31,150 new homes available for sale, according to Altus Group, BILD’s official data source.

Low-rise supply made up only 13 per cent of the available inventory at the end of November. There were just 2,036 low-rise units across the GTA, 789 of which were detached single-family houses. Available high-rise supply was also down in November, falling to 13,148 units.

The impact of low inventory resulted in record-setting prices for detached homes and high-rise condominiums in November. The average price of a new condo in the GTA in November was $493,137, a 10 per cent increase from a year ago.

Those condo units continue to get bigger, averaging 820 per square feet at the end of November, to appeal to buyers priced out of the low-rise market. About a year ago, the average sold condo unit was under 775 square feet.

The average price of new detached home in the GTA hit $1,230,961 in November, up 27 per cent from a year ago. Since the beginning of the year, prices for new detached single-family homes in the GTA have risen about $258,000.

Overall, the average price for a new low-rise home, which includes detached, semi-detached houses and townhomes, was up 20 per cent over the last year to $977,890 while the average detached home price in the city of Toronto rose 32.3 per cent during the period to $1,345,962.

“The industry is building to government policy and building far fewer low-rise homes, especially detached single-family homes, but demand has not dropped with the supply so prices continue to increase,” said Michelle Noble, vice president of communications and marketing for BILD.