New home market at typical activity level in October

November 25, 2019

Toronto, Nov. 25, 2019 October was a busy time in the GTA new home market, as is typically the case every year, the Building Industry and Land Development Association (BILD) announced today.

 

Single-family home sales, with 1,296 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were up 178 per cent from last October’s near-record low and even with the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence.

 

Sales of condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,424 new home sales, down three per cent from October 2018 but still 13 per cent above the 10-year average.

 

“Pent-up demand is gradually being released, aided by favourable mortgage rates and some increase in the availability of single-family product that is affordable to a broader range of buyers,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.

 

The benchmark price of new single-family homes in October was $1,074,791, down 3.6 per cent over the last 12 months. The benchmark price of new condominium apartments was $833,827, up 7.5 per cent over the last 12 months.

 

With a number of new projects coming to market in October, remaining inventory increased from the previous month, to 19,718 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

 

“Based on population projections, it is clear that the demand for housing in the GTA is not going away,” said David Wilkes, BILD President & CEO. “That’s why BILD is very supportive of the provincial government’s efforts to achieve long-term balance in the housing market. The math is simple. We need to make the process of bringing new homes to market simpler, faster and fairer to help create more housing supply and a more affordable market.”

 

 October New Home Sales by Municipality: **

October 2019

Condominium Apartments

Single-family

Total

Region

2019

2018

2017

2019

2018

2017

2019

2018

2017

Durham

32

64

19

254

51

201

286

115

220

Halton

352

318

160

252

76

71

604

394

231

Peel

542

172

110

415

148

47

957

320

157

Toronto

1,734

2,889

4,134

20

69

28

1,754

2,958

4,162

York

764

95

612

355

122

133

1,119

217

745

GTA

3,424

3,538

5,035

1,296

466

480

4,720

4,004

5,515

 

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.