TORONTO—GTA new home sales saw a change of pace from the past few months in March, reports the Building Industry and Land Development Association (BILD).
According to Altus Group, which is BILD’s official source for new home market intelligence, there were 4,115 total new home sales in March, which was down 21 per cent from March 2021 but still 12 per cent above the 10-year average.
About 3,277 new condominium apartment units were sold in March, down seven per cent from March 2021 and 34 per cent above the 10-year average.
New single-family homes accounted for 838 units sold in March, which was down 50 per cent from March 2021 and 32 per cent below the 10-year average.
Nine condominium apartment projects opened in March, however, demand outpaced supply and condominium apartment remaining inventory fell year-over-year for the 10th consecutive month, to 7,220 units, indicates a release. Remaining inventory of single-family homes, at 830 units, was more than 50 per cent off from last March’s already low level.
The benchmark price for new condominium apartments reached a record price of just over $1.25 million in March, which was up 17.7 per cent over the last 12 months. The benchmark price for new single-family homes was $1.83 million, which was slightly less than February’s record high, but still up 27.3 per cent over the last 12 months, the release states.
“Although new home sales eased in March compared to the exceptionally strong pace of the past few months, demand continued to outpace the supply of new homes, leaving the region with an inventory shortfall,” said Dave Wilkes, BILD president and CEO, in a statement. “We cannot let short-term market variations mask the root causes of the housing supply and affordability challenge in the GTA. We need to keep our eyes on the long-term solution —building more new homes.”
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