According to the Building Industry and Land Development Association (BILD), the GTA new home market experienced the strongest July for new home sales since 2007.
BILD reports that a total of 3,544 new homes were sold in July, up 36 per cent from July 2019 and 40 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,553 units sold, were up 187 per cent from last July and 78 per cent above the 10-year average. It was the highest July since 2009 for new single-family home sales.
Sales of new condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, also picked up in July after three months of slower activity. With 1,991 units sold, condominium apartment sales were four per cent below July 2019 but 19 per cent above the 10-year average.
“Following the opening of several projects delayed by the pandemic, condominium apartment sales improved substantially in July, with newly opened projects experiencing very strong absorption,” said Matthew Boukall, Altus Group’s Vice President, Data Solutions. “This increased activity suggests that there is pent-up demand for new inventory of both single-family and condominium apartment product, and we expect developers to bring more projects forward through the fall period.”
Total new home remaining inventory in July was 13,828 units. New home remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
The benchmark price for new condo apartments in July was $993,811, which was up 18.5 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,182,199, which was up 8.3 per cent over the last 12 months.
“The strong demand for new homes we saw in July is heartening but not surprising,” said David Wilkes, BILD President & CEO. “Even as our region makes its way through recovery, it continues to be a very desirable place to live and work. The provincial government, with its Housing Supply Action Plan, has put in place a number of changes to help address our generational housing supply shortage. It’s time for municipalities to work with our industry to implement these changes for the benefit of the families who want to call GTA home and as a much-needed boost for our economy.”