Toronto, Oct. 28, 2020 (GLOBE NEWSWIRE) -- September was another busy month for the GTA new home market, the Building Industry and Land Development Association (BILD) announced today.
Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 2,334 units sold, were up 168 per cent from last September and 110 per cent above the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence. It was the strongest September for new single-family home sales since 2003.
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 2,603 new home sales, up 15 per cent from September 2019 and 33 per cent above the 10-year average.
“The level of market demand for new housing has remained strong, with year-to-date new home sales up from last year,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions. “The single-family home market was very active in September, with particularly strong activity seen at newly launched detached and townhouse communities. To date this year, demand for new single-family homes has outpaced supply.”
Total new home remaining inventory in September was 14,403 units, changing little from the previous month as September’s new supply was quickly absorbed in the market. New home remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
The benchmark price for both single-family homes and condominium apartments rose in September. The benchmark price for new condo apartments in September was $1,016,550, which was up 20.9 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,179,249, which was up 9.1 per cent over the last 12 months.
“While demand for both high-rise and low-rise homes was strong in September, the clear insight of the last few months is how quickly consumer demand can evolve,” said David Wilkes, BILD President & CEO. “We need to make sure that policy and regulations are flexible and adaptable enough to accommodate market demands, from increased demand for low-rise homes to condo units that reflect current market conditions both in size and built form. Recent changes made by the provincial government bring an increased market focus, but translating that to the market at the municipal level will take time. This is why BILD is encouraging municipalities to start now with the implementation of these new provincial directions.”
September New Home Sales by Municipality: **
| September 2020 | Condominium Apartments | Single-family | Total | ||||||
| Region | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 |
| Durham | 54 | 25 | 15 | 601 | 143 | 44 | 655 | 168 | 59 |
| Halton | 268 | 280 | 41 | 195 | 288 | 42 | 463 | 568 | 83 |
| Peel | 1,173 | 174 | 131 | 673 | 167 | 53 | 1,846 | 341 | 184 |
| Toronto | 548 | 1,474 | 1,033 | 37 | 32 | 7 | 585 | 1,506 | 1,040 |
| York | 560 | 315 | 121 | 828 | 242 | 101 | 1,388 | 557 | 222 |
| GTA | 2,603 | 2,268 | 1,341 | 2,334 | 872 | 247 | 4,937 | 3,140 | 1,588 |
Source: Altus Group
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 $33 billion in investment value and employs 271,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.
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For additional information or to schedule an interview, contact John Provenzano, BILD Media Relations Manager, at JProvenzano@bildgta.ca, (416) 617-7994.
*Altus Group should be credited as BILD’s official source of new home market intelligence.
**Historical data are subject to revisions.