GTA new home market registers first year-over-year increase in May

TORONTO — This past May, the GTA new home market gained momentum and registered the first year-over-year increase in more than a year, the Building Industry and Land Development Association (BILD) announced recently.

According to Altus Group, BILD’s official source for new home market intelligence, there were 3,109 new home sales in May, which was up 22 per cent from May 2022 and 10 per cent below the 10-year average.

Altus Group also found:

• Condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 1,976 units sold in May, down three per cent from May 2022 and 14 per cent below the 10-year average.
• There were 1,133 single-family home sales in May, up 123 per cent from May 2022 and three per cent below the 10-year average.
• May’s total new home remaining inventory, which includes units in preconstruction projects, in projects currently under construction and in completed buildings, was 15,346 units.
• Due to 13 highrise project openings, remaining inventory included 13,867 condominium apartment units. The remaining inventory for single-family homes was 1,479 units.
• The benchmark price for new condominium apartments was $1,097,747, which was down 6.7 per cent over the last 12 months.
• The benchmark price for new single-family homes was $1,736,348, which was down 4.3 per cent over the last 12 months.

“The GTA new home market has regained some of its strength in the last couple of months, proving that demand in the region hasn’t gone anywhere,” said Dave Wilkes, BILD president and CEO, in a statement. “If that demand is to be met with the housing supply and choice that residents need, all levels of government must make housing a priority. The provincial government has set the framework to support the building of 1.5 million new homes within a decade, and we are heartened to see the efforts many GTA municipalities are making toward implementing policies that will make it easier to add housing.

“We would like to see the federal government do its part by enabling housing-supportive infrastructure and being mindful of the impacts of monetary policy on new home buyers.”