TORONTO — Sales of new single-family homes in the GTA were up 110 per cent above the 10-year average, the Building Industry and Land Development Association (BILD) announced Oct. 28.
It was the strongest September for new single-family home sales since 2003.
In total there were 2,334 units sold, including detached, linked and semi-detached houses and townhouses but excluding stacked townhouses.
Condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 2,603 new-home sales, up 15 per cent from September 2019 and 33 per cent above the 10-year average.
The statistics were compiled for BILD by the Altus Group.
Total new-home remaining inventory in September was 14,403 units, changing little from the previous month as September’s new supply was quickly absorbed in the market, reported BILD. 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 rose in September. The benchmark price for new condo apartments in September was $1,016,550, which was up 20.9 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,179,249, which was up 9.1 per cent over the last 12 months.
“The level of market demand for new housing has remained strong, with year-to-date new-home sales up from last year,” said Ryan Wyse, an Altus Group analytics manager, in a release. “The single-family home market was very active in September, with particularly strong activity seen at newly launched detached and townhouse communities. To date this year, demand for new single-family homes has outpaced supply.”
“While demand for both highrise and low-rise homes was strong in September, the clear insight of the last few months is how quickly consumer demand can evolve,” said David Wilkes, BILD president and CEO. “We need to make sure that policy and regulations are flexible and adaptable enough to accommodate market demands, from increased demand for low-rise homes to condo units that reflect current market conditions both in size and built form.”
Recent Comments
comments for this post are closed