June new home sales up 25 per cent over 10-year average in GTA

TORONTO — The Greater Toronto Area (GTA) new home market remained strong in June, with the number of new home sales 25 per cent above the 10-year average in the first half of the year, reports Altus Group, the Building Industry and Land Development (BILD) Association’s official source for new home market intelligence.

Altus Group also found:

The total of new home units sold through the first six months of 2021 was 24,060;
total June new home sales, with 3,860 units sold, were four per cent above the 10-year average;
condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 2,775 of new home sales in June,13 per cent above the 10-year average;
sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,085 units sold in June, were 14 per cent below the 10-year average;
the benchmark price for new condominium apartments in June was over $1 million, which was up 5.9 per cent over the last 12 months;
the benchmark price for new single-family homes was $1.4 million, which was up 23.1 per cent over the last 12 months; and
total new home remaining inventory, which includes units in preconstruction, projects currently under construction and completed buildings, was 11,451 units.

“The new home market has been a key driver of economic activity through the pandemic, providing jobs and homes for the residents of the GTA,” said Dave Wilkes, BILD president and CEO, in a statement. “As we look forward, we will be monitoring the continuing strength and speed of economic recovery, the return of typical immigration levels and the possible rise in interest rates and their impact on the new home construction. Dipping inventory levels, particularly on the condo side, continue to remind us that the current affordability challenges facing the GTA housing market are driven by a lack of supply. Governments at all levels need to take action on removing barriers to getting new housing built.”