In April, the GTA new home market saw another very strong month, with record high sales of new condominium apartments, according to the Building Industry and Land Development Association (BILD).
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,619 new home sales in April, according to Altus Group*, BILD’s official source for new home market intelligence. It was the highest number of new condominiums sold in April since 2000 and 69 per cent above the 10-year average.
Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,020 units sold, were 26 per cent below the 10-year average.
“The record number of new condominium apartment sales for April was boosted by a high number of recent launches of product spread throughout the GTA – about two-thirds of April sales were in projects opened in April,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions. “The rapid price increase for new single-family homes since last summer is also a factor, as price sensitive buyers shift their expectations to product they can afford.”
Remaining inventory increased in April compared to the previous month, to 12,571 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
“We are continuing to see unprecedented activity in the GTA market,” said Dave Wilkes, BILD President & CEO. “The robust demand testifies to the continued attractiveness of the GTA as a place to call home. We must double down on our efforts to build enough supply to keep the market balanced and provide homes for the more than four million additional people who will call the GTA home by 2051.”
The benchmark price for new condominium apartments decreased in April compared to the previous month, to $1,058,432, which was up 7.5 per cent over the last 12 months. The benchmark price for new single-family homes also decreased compared to the previous month, to $1,395,190, which was still up 24.8 per cent over the last 12 months.