There was strong demand for newly built homes in the Greater Toronto Area in November, the latest month of data released by Altus Group.
A report from the Building Industry and Land Development Association (BILD) which uses Altus as its official data source, November was busier than normal with 4,720 new home sales, a 53% jump from a year earlier and 19% above the 10-year average.
There was a 207% surge in sales of single-family homes compared to a year earlier with 1,156 detached, linked, and semi-detached homes sold. However, this was still 4% below the 10-year average.
For condo apartments, there was a 32% year-over-year increase to 3,564 sales, 29% above the 10-year average.
“After a slow first quarter, new condominium apartment sales in the GTA have shown impressive resiliency since the spring,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.
The benchmark price of new single-family homes in November was $1,075,215, down 6.6% over the last 12 months. The benchmark price of new condominium apartments was $866,827, up 10.2% over the last 12 months.
“We are seeing robust demand for new homes, and with a healthy economy and continued low interest rates, that demand is likely to continue strong into 2020,” said David Wilkes, BILD President & CEO. “We need to keep our focus on increasing to ensure that housing prices remain stable and that our sector continues to be a source of good jobs and a driver of economic growth.”
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
