The GTA new home market saw another active month in June, bringing the total number of new home sales in the first six months of the year to 25 per cent above the 10-year average, according to the Building Industry and Land Development Association (BILD).
The total of new home units sold through the first six months of 2021 was 24,060, according to Altus Group, BILD’s official source for new home market intelligence. Total June new home sales, with 3,860 units sold, were 4 per cent above the 10-year average.
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 2,775 new home sales in June, which was 13 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 1,085 units sold in June, were 14 per cent below the 10-year average.
“The demand for new homes remains impressive, in particular given the challenges homebuyers have faced in the past year,” said Edward Jegg, Analytics Team Leader, Data Solutions, Altus Group. “New product brought to the market has not kept pace with sales, and as a result, relatively low inventories of product available to purchase continue to exert pressure on prices.”
The benchmark price for new condominium apartments in June was $1,058,366, which was up 5.9 per cent over the last 12 months. The benchmark price for new single-family homes was $1,405,597, which was up 23.1 per cent over the last 12 months.
Total new home remaining inventory was 11,451 units in June. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
“The new home market has been a key driver of economic activity through the pandemic, providing jobs and homes for the residents of the GTA,” said Dave Wilkes, BILD President & CEO. “As we look forward, we will be monitoring the continuing strength and speed of economic recovery, the return of typical immigration levels and the possible rise in interest rates, and their impact on the new home market.”