TORONTO—The Building Industry and Land Development Association (BILD) and Altus Group are reporting the GTA new home market continued to be strong in May, with total sales and condominium apartment sales above the 10-year average and inventory levels at historic lows.
Altus Group, BILD’s official source of new home market intelligence, also found:
- May new home sales, with 3,661 units sold, were five per cent above the 10-year average.
- Condominium apartments accounted for 2,396 new home sales in May, which was 10 per cent above the 10-year average.
- Sales of new single-family homes, with 1,265 units sold in May, were three per cent below the 10-year average.
- Total new home remaining inventory was 12,555 units in May, which represents 3.3 months worth of inventory based on the current pace of sales. A balanced market would have nine to 12 months of inventory.
- The benchmark price for new condominium apartments increased to over $1 million in May compared to the previous month, which was up eight per cent over the last 12 months.
- The benchmark price for new single-family homes decreased compared to the previous month, to $1.3 million, which was up 24.4 per cent over the last 12 months.
“The low inventory levels reported in the May data underline the need for GTA municipalities to address chronic shortages of housing supply,” said Dave Wilkes, BILD president and CEO, in a statement. “Municipalities need to speed up approvals of shovel-ready projects, and as we look ahead to continued population growth in the GTA, they need to evaluate all aspects of the development approvals process to ensure that the new homes the region needs are being built in a timely manner.”