New home sales in the GTA soared in September compared to 2018

by Steve Randall on 29 Oct 2019

The new home sales market in the Greater Toronto Area remained strong in September according to the latest stats.

Altus Group data provided by the Building Industry and Land Development Association (BILD) shows that there were 3,061 sales of new homes in the GTA during the month, a rise of 73% from a year earlier and 6% above the 10-year average.

Condo apartments saw a 39% year-over-year increase with 2,107 sales, 12% above the 10-year average.

The single-family sector surged 283% from a year earlier with 954 sales, just 5% short of the 10-year average.

“September provided additional evidence that the new home market in the GTA is recovering nicely from last year’s slump,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. “The degree of improvement in both new home sales and new project openings this year has been contained, however, and there are no signs of overheating in the market.”

Buyers of new homes in the GTA had more choice last month as remaining inventory swelled to 18,745 units, including units in preconstruction projects, in projects currently under construction, and in completed buildings.

Prices diverge
The benchmark price of new single-family homes in September was $1,081,175, down 3.4% over the last 12 months while the benchmark price of new condominium apartments was $841,159, up 6.5% over that period.

“While new home sales and inventory have been increasing, the GTA continues to experience a significant housing supply crunch,” said David Wilkes, BILD President & CEO. “We must continue to focus on the supply side of the housing equation to address this generational challenge for the long term.”

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