The Building Industry and Land Development Association (BILD) reports 3,630 total new home sales in February, which was 17 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.
Sales of new condominium apartment units, including units in low, medium and high-rise buildings, stacked townhouses and loft units, with 3,048 units sold, were up 78 per cent from February 2021 and 67 per cent above the 10-year average. It was a new monthly high for condominium apartment sales for February.
New single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 582 units sold in February, which was 54 per cent below the 10-year average.
The benchmark price for new condominium apartments was $1,177,739, which was up 13 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,858,713, which was up 35.3 per cent over the last 12 months.
“GTA benchmark new home prices set record highs in February in both the single-family and condominium apartment sectors,” said Edward Jegg, Manager of Research Consulting at Altus Analytics, Altus Group. “Low available inventory, particularly for single-family homes, continues to exert upward pressure on prices.”
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Single-family remaining inventory was at a record low of 546 units in February. Total remaining inventory rose slightly compared to the previous month, to 9,165 units, as several new condominium apartment projects opened that month. This still represented only 3 months of total inventory based on average sales for the past 12 months. A balanced market would have 9 to 12 months of inventory. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
“The steep increases in benchmark prices that we have seen over the last few years reflect our region’s critically low supply of new homes,” said Dave Wilkes, BILD President & CEO. “If this trend continues unchecked, we are all going to feel the effects, as more and more families make the difficult choice to leave the GTA in search of housing and our region loses out on economic growth, jobs and tax revenues. Now is the time for all parties to come together and act decisively to address our housing supply and affordability crisis.”
With more than 1,300 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 more than 231,000 jobs in the region and $26.9 billion in investment value.