GTA new home sales jumped in September

  10/28/2018 |   SHARE
Posted in GTA Real Estate by Forest Hill Real Estate Signature| Back to Main Blog Page

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There was an improvement in sales of newly-built homes in the Greater Toronto Area last month.

Data from the Building and Land Development Association (BILD) shows that 1,747 new homes were sold in September, up sharply from the 974 in August.

"It appears more buyers—and builders—are starting to come in from the sidelines," said Patricia Arsenault, Altus Group's Executive Vice President, Data Solutions, the official source of data for BILD. "The increase from August in both new condominium apartment sales and the number of units in new projects launched was somewhat stronger than the typical September bump alone would suggest."

Year-over-year sales remain subdued with condo sales down 20% to 1,494 – 20% below the 10-year average – and single-family detached sales down 28% to 253 – 77% below the 10-year average.

David Wilkes, president & CEO of BILD, says that inventory is a continued issue for GTA new home sales with only around 5 months of supply of condos (8,820 units).

This narrowed the gap between the prices of condos and single-family homes.

In September, the benchmark price for condo apartments increased to $789,643, up 19.4% over the last 12 months, while the benchmark price for single-family homes softened again slightly to $1,119,533, down 7.1% over the last 12 months.

"In the lead-up to the municipal elections, BILD succeeded in raising housing supply and affordability as major election issues," said Mr. Wilkes. "Now we look forward to working with our municipal partners to address the barriers that stand in the way of building the housing our region needs to accommodate growth. Some straightforward steps include making sure that government charges on new homes are fair, funding and building critical infrastructure, cutting red tape and speeding up building permits and inspections."

September New Home Sales by Municipality:

September 2018

Condominium Apartments

Single-family

Total

Region

2018

2017

2016

2018

2017

2016

2018

2017

2016

Durham

19

16

75

45

91

302

64

107

377

Halton

46

327

157

39

134

92

85

461

249

Peel

95

388

355

53

65

216

148

453

571

Toronto

1,205

1,092

1,961

7

8

43

1,212

1,100

2,004

York

129

55

163

109

53

639

238

108

802

GTA

1,494

1,878

2,711

253

351

1,292

1,747

2,229

4,003

 

Source: Altus Group

 



GTA Home Sales, GTA News, GTA Real Estate Market, New Condos, New Developments, New Homes