12/22/2016 03:07 EST

Toronto's Supply Of New Homes Hits Record Lows As Prices Soar

A shortage of housing is behind the rise in home prices, real estate industry says.

TORONTO — The Building Industry and Land Development Association says the Greater Toronto Area's supply of newly constructed homes last month hit its second-lowest level since it began tracking that data about 15 years ago.

The group says there were 15,184 new homes in builders' inventories last month — about half of the 31,150 that existed exactly 10 years ago.

The lowest recorded inventory level in at least 15 years was set in August of this year, at 15,100.

Read more: Local policies, Nimbyism are killing off housing construction, pushing up prices

Photo: Krzysztof Dydynski/Getty Images

The shortage of housing units available to buy — especially fully detached, single-family houses — has been cited by the Canadian Real Estate Association and Toronto Real Estate Board as one factor behind soaring real estate prices.

That is supported the association's report, which says the average price for newly built detached houses in the GTA hit $1.23 million in November, 27 per cent higher than during the same month last year.

The average price of new condos reached $493,137 in November, up 10 per cent from a year earlier.

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