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Strong month for GTA new home market in November

DCN-JOC News Services
Strong month for GTA new home market in November

TORONTO — It was another strong month for sales of new single-family homes in November, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,914 units sold, according to Altus Group, the Building Industry and Land Development’s (BILD) source for new home market intelligence.

This was up 68 per cent from last November and 58 per cent above the 10 year average.

Condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 1,836 new home sales, down 49 per cent from November 2019 and 32 per cent below the 10 year average, indicates a release.  

With few new projects opening in November, total new home remaining inventory, which includes units in preconstruction projects, projects currently under construction and completed buildings, dipped from the previous month to 14,697 units.

The benchmark price for new condominium apartments in November was $1,003,801, which was up 17.9 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,267,248, which was up 15.8 per cent over the last 12 months, adds the release.

“While single-family sales continued to see strong demand, we saw fewer than typical new condominium apartment openings in November, which resulted in lower overall sales for the month,” said Ryan Wyse, Altus Group’s manager of analytics and data solutions, in a statement. “The pandemic has disrupted the usual seasonality in the market and we are likely seeing builders take a wait-and-see approach with respect to future launches, with an eye on the spring market.”

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