TORONTO—The GTA new-home market saw another busy month in February a recent report from the Building Industry and Land Development Association (BILD) highlights.
There were 3,630 total new-home sales in February, which was 17 per cent above the 10-year average, according to data compiled by Altus Group.
Sales of new condominium apartment units, including units in low, medium and highrise buildings, stacked townhouses and loft units, with 3,048 units sold, were up 78 per cent from February 2021 and 67 per cent above the 10-year average. It was a new monthly high for condominium apartment sales for February.
New single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 582 units sold in February, which was 54 per cent below the 10-year average.
The benchmark price for new condominium apartments was $1,177,739, which was up 13 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,858,713, which was up 35.3 per cent over the last 12 months.
Single-family remaining inventory was at a record low of 546 units in February. Total remaining inventory rose slightly compared to the previous month, to 9,165 units, as several new condominium apartment projects opened that month. This still represented only three months of total inventory based on average sales for the past 12 months. A balanced market would have nine to 12 months of inventory. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
“The steep increases in benchmark prices that we have seen over the last few years reflect our region’s critically low supply of new homes,” said Dave Wilkes, BILD president and CEO, in a statement. “If this trend continues unchecked, we are all going to feel the effects, as more and more families make the difficult choice to leave the GTA in search of housing and our region loses out on economic growth, jobs and tax revenues.”