Toronto, July 05, 2021 (GLOBE NEWSWIRE) -- The GTA new home market continued strong in May*, with total sales and condominium apartment sales above the 10-year average, the Building Industry and Land Development Association (BILD) announced today.
Total May new home sales, with 3,661 units sold, were 5 per cent above the 10-year average, according to Altus Group**, BILD’s official source for new home market intelligence.
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 2,396 new home sales in May, which was 10 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 1,265 units sold in May, were 3 per cent below the 10-year average.
“While sales of new condominium apartments were lower in May than the frenzied pace of the previous two months, they were still above the 10-year average for May as demand remains buoyant and activity settles into more sustainable levels,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions. “Buyers continue to be attracted to new openings, with about half of the newly released units available for purchase before the last 10 days of May selling within the month.”
Total new home remaining inventory was 12,555 units in May. That number represents 3.3 months’ worth of inventory based on the current pace of sales but 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 low inventory levels reported in the May data underline the need for GTA municipalities to address chronic shortages of housing supply,” said Dave Wilkes, BILD President and CEO. “Municipalities need to speed up approvals of shovel-ready projects, and as we look ahead to continued population growth in the GTA, they need to evaluate all aspects of the development approvals process to ensure that the new homes the region needs are being built in a timely manner.”
The benchmark price for new condominium apartments increased in May compared to the previous month, to $1,063,973, which was up 8 per cent over the last 12 months. The benchmark price for new single-family homes decreased compared to the previous month, to $1,380,491, which was up 24.4 per cent over the last 12 months.
May New Home Sales by Municipality: ***
May 2021 | Condominium Apartments | Single-family | Total | ||||||
Region | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 |
Durham | 144 | 53 | 38 | 352 | 131 | 231 | 496 | 184 | 269 |
Halton | 112 | 5 | 474 | 118 | 83 | 144 | 230 | 88 | 618 |
Peel | 141 | 56 | 700 | 479 | 111 | 278 | 620 | 167 | 978 |
Toronto | 1,593 | 229 | 1,357 | 22 | 11 | 36 | 1,615 | 240 | 1,393 |
York | 406 | 65 | 1,077 | 294 | 144 | 257 | 700 | 209 | 1,334 |
GTA | 2,396 | 408 | 3,646 | 1,265 | 480 | 946 | 3,661 | 888 | 4,592 |
Source: Altus Group
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 269,000 jobs in the region and $30.3 billion in investment value. 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.
*Notice to journalists: To avoid inaccuracies, we recommend against making year-to-year comparisons between May 2021 and May 2020, as new home sales and project openings during the latter were significantly affected by the global pandemic.
**Altus Group should be credited as BILD’s official source of new home market intelligence.
***Historical data are subject to revisions.