GTA new home market continues recovery

October 28, 2019

Toronto, Oct. 28, 2019 The GTA new home market was relatively strong in September, both in terms of new home sales and new project openings, the Building Industry and Land Development Association (BILD) announced today.

 

There were 3,061 new home sales in September, according to Altus Group*, BILD’s official source for new home market intelligence. This was up 73 per cent from September 2018 and 6 per cent above the 10-year average.

 

Condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units accounted for 2,107 new home sales, up 39 per cent from September 2018 and 12 per cent above the 10-year average.

 

Single-family home sales, with 954 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were up 283 per cent from last September and just 5 per cent below the 10-year average.

 

With a number of new projects coming to market in September, remaining inventory increased from the previous month, to 18,745 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

 

“September provided additional evidence that the new home market in the GTA is recovering nicely from last year’s slump,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. “The degree of improvement in both new home sales and new project openings this year has been contained, however, and there are no signs of overheating in the market.”

 

The benchmark price of new single-family homes in September was $1,081,175, down 3.4 per cent over the last 12 months. The benchmark price of new condominium apartments was $841,159, up 6.5 per cent over the last 12 months.

 

“While new home sales and inventory have been increasing, the GTA continues to experience a significant housing supply crunch,” said David Wilkes, BILD President & CEO. “We must continue to focus on the supply side of the housing equation to address this generational challenge for the long term.”

 

 

 

 

 

 

September New Home Sales by Municipality: **

September 2019

Condominium Apartments

Single-family

Total

Region

2019

2018

2017

2019

2018

2017

2019

2018

2017

Durham

30

15

16

148

41

90

178

56

106

Halton

279

41

324

352

44

133

631

85

457

Peel

183

131

387

154

56

65

337

187

452

Toronto

1,294

1,212

1,059

38

7

10

1,332

1,219

1,069

York

321

121

55

262

101

53

583

222

108

GTA

2,107

1,520

1,841

954

249

351

3,061

1,769

2,192

 

Source: Altus Group

 

With 1,500 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides $34 billion in investment value and employs 270,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.

 

 

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For additional information or to schedule an interview, contact John Provenzano at jprovenzano@bildgta.ca or (416) 644-3912.

 

*Altus Group should be credited as BILD’s official source of new home market intelligence.

**Historical data are subject to revision.