TORONTO — Newly constructed home sales rose in the Greater Toronto Area (GTA) in the month of October, the Building Industry and Land Development Association (BILD) has announced.
The spike was primarily driven by sales of multi-family homes, condo apartments in highrise and mid-rise buildings and stacked townhomes, noted a BILD release dated Nov. 23.
There were 5,377 new homes sold in October, according to BILD partner Altus Group.
About 91 per cent of them (4,884 units) were multi-family homes, and only nine per cent (493) were low-rise single-family homes such as detached and semi-detached houses and townhomes.
Condo sales for October were 81 per cent above the 10-year average of 2,697, and the highest October yet recorded, while low-rise sales were 64 per cent below the 10-year average of 1,388.
As of the end of October, 39,476 new homes have been sold in the GTA in 2017, 82 per cent of them condo apartments in highrise and mid-rise buildings and stacked townhomes.
“October data shows that the new homebuyer is left with very little choice when it comes to purchasing a new home,” said BILD president and CEO Bryan Tuckey in the statement.
“Provincial intensification policy has our members building more high- and mid-rise dwellings, making housing choices a challenge.
“The cost of a single-family home is out of reach for many consumers, pushing them to buy a condo over a house. As a result we are seeing record-breaking condo sales and higher prices this year for new low-rise homes.”
At the end of October, there were 9,308 multi-family homes and 3,192 single-family homes available in the GTA, the report indicated.
Prices of available new homes in October increased slightly for both single-family low-rise homes and multi-family homes.
The average for available new single-family homes was $1,217,428, up from $1,204,829 in September, and 29.8 per cent above last October’s average price of $937,689.
The average price for available new detached homes was $1,548,888 and the average for available new townhomes was $995,571.
Meanwhile the average price of available new condo apartments in highrise and mid-rise buildings and stacked townhomes was $677,456 in October, up from September’s $661,188.
The average price per square foot was $791 and the average unit size was 857 square feet.