TORONTO — The Greater Toronto Area (GTA) saw 5,042 new home sales in November, 29 per cent above the 10-year average, according to Altus Group, the Building and Land Development Association’s (BILD) official source for new home market intelligence.
The data shows a strong new home sales market and inventories continuing to fall.
Condominium apartments accounted for 4,274 units sold in November. That is 56 per cent above the 10-year average, which represented the strongest performance of condo apartment sales for the month of November since Altus Group started tracking in 2000, indicates a release.
Sales of new single-family homes accounted for 768 units sold in November, which was 33 per cent below the 10-year average.
Condominium apartment unit sales outpaced openings in November and remaining inventory decreased compared to the previous month, to 10,200 units, which was still well below the 10-year average of 16,000 units and current inventory represents less than four months’ supply. The benchmark price for condominium apartments increased to $1,082,713 in November compared to the previous month, up 7.8 per cent over the last 12 months.
With new single-family home openings low, remaining inventory for single-family homes saw a very slight increase in November compared to the previous month, to 1,188 units. Inventory for single-family homes remains close to historic lows, states the release, adding the tight inventory contributed to another record in the benchmark price for new single-family homes, of $1,679,941 in November, which was up 33 per cent over the last 12 months.
“Housing affordability driven by lack of supply has become a critical issue in the GTA with broad societal implications,” said Justin Sherwood, BILD’s senior vice-president, in a statement. “Housing affordability will be a significant issue in the 2022 provincial and municipal elections. The current supply challenge is a man-made problem and BILD encourages candidates to bring forward meaningful supply side solutions in their platforms.”
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