What makes up the cost of a new home or condominium?
The cost of a new home or condominium depends on three main drivers:
Price of land. Land values in the GTA for single-family homes have increased by over 300% since 2006.1
Cost of building/construction. This includes labour, materials and design.
Government fees and taxes. In GTA, 22% of the cost of a single-family home is due to government fees and taxes from all three levels of government. For condominiums this jumps to 24%.
The cost of a new home or condominium is also affected by factors such as location, size and type of building.