TORONTO — The GTA new-home market had the busiest August in the past 20 years reports the Building Industry and Land Development Association (BILD).
Data from Altus Group compiled for BILD and released Sept. 28 indicated a total of 4,539 new homes were sold in August, up 217 per cent from August 2019 and 119 per cent above the 10-year average. It was the highest number of new home sales for August since Altus Group started tracking in 2000.
Sales of new single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses), with 1,930 units sold, were up 355 per cent from last August and 139 per cent above the 10-year average.
Condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 2,609 new-home sales, up 159 per cent from August 2019 and 106 per cent above the 10-year average.
“With the record sales activity and unusual number of project launches we saw in August, it is becoming clear that the COVID-19 pandemic delayed consumers’ housing purchase decisions as well as builders’ project openings,” said Ryan Wyse, a manager of analytics for Altus Group, in a statement. “After the normally busy spring months were severely affected by the pandemic and related government-imposed restrictions, we saw much stronger activity than normal during the summer.”
Total new-home remaining inventory in August was 14,331 units. New-home remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.
The benchmark price for both single-family homes and condominium apartments dipped slightly in August compared to the previous month but was still up year-over-year. The benchmark price for new condo apartments in August was $972,859, which was up 15.7 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,169,823, which was up eight per cent over the last 12 months.