The GTA new home market saw a record number of condominium apartment sales in August, the Building Industry and Land Development Association (BILD) has announced.
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,162 units sold in August, according to Altus Group, BILD’s official source for new home market intelligence. It was the highest number of condominium apartments sold in August on record—up 35 per cent from last August’s robust condominium apartment sales and 129 per cent above the 10-year average.
Sales of single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 605 units sold in August, 15 per cent below the 10-year average.
“Buyers flocked to the new condominium apartment market in record numbers in August as builders pumped in unprecedented levels of new supply,” said Edward Jegg, Analytics Team Leader at Altus Analytics, Altus Group. “But in the new single-family sector, supply shortages continued to weigh on sales.”
Remaining inventory for condominium apartments increased compared to the previous month, to 9,967 units. Remaining inventory for single-family homes decreased compared to the previous month, to 1,354 units. Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.
The benchmark price for new single-family homes reached a record high of $1,521,968 in August, which was up 30.1 per cent over the last 12 months. The benchmark price for new condominium apartments eased in August compared to the previous month, to $1,069,700, which was still up 10 per cent over the last 12 months.
“August’s benchmark prices underline the fact that increased housing supply is an important factor in stabilizing housing prices,” said Dave Wilkes, BILD President & CEO. “It’s time to move from words to action and address our region’s housing supply problem by reducing approval times, designating land for growth, building infrastructure to support development and ensuring taxes on new development are transparent, equitable and invested as intended to support growth.”