New home sales in GTA continue to decline in June

TORONTO — GTA new home sales continued to ease in June with total sales of 1,694 units, down 56 per cent from June 2021 and 52 per cent below the 10-year average.

The information was released by the Building Industry and Land Development Association (BILD) and is based on information from Altus Group, BILD’s source for new home market intelligence.

In terms of the sales of new condominium apartments, 1,519 units were sold, down 44 per cent from June 2021 and 36 per cent below the 10-year average. This includes units in low, medium and highrise buildings, stacked townhouses and loft units.

Single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 175 units sold, down 85 per cent from last June and 85 per cent below the 10-year average, indicates a release.

The benchmark price for new condominium apartments in June was $1,189,894, which was up 12.4 per cent over the last 12 months and the benchmark price for new single-family homes was $1,843,595, which was up 31.2 per cent over the last 12 months, adds the release.

Total new home remaining inventory increased to 11,639 units compared to the previous month. That is comprised of 9,717 condominium apartment units and 1,922 single-family lots, representing three-and-a-half months and 2.7 months of inventory respectively. A balanced market would have nine to 12 months of inventory.

“While many prospective home buyers in the GTA are delaying purchasing the homes they need in the midst of economic uncertainty, our region’s fundamental challenges around housing supply remain unresolved,” said Dave Wilkes, BILD president and CEO, in a statement. “Shorter-term demand-side economic conditions and inflationary pressures cool demand but increase the costs of new builds simultaneously. This will continue to impact overall supply. Now is the time for bold decisions by all levels of government to ensure we provide the housing supply and choice future generations of GTA residents will need.”