Toronto, July 25, 2019 (GLOBE NEWSWIRE) -- In June, the GTA new home market continued to do better than last year, the Building Industry and Land Development Association (BILD) announced today.
There were 932 new single-family homes, including detached, linked and semi-detached houses and townhouses, sold in June, according to Altus Group*, BILD’s official source for new home market intelligence. This was up 127 per cent from last June though still 30 per cent below the ten-year average.
Sales of new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, with 2,420 units sold, were up 14 per cent from June 2018 and 5 per cent below the ten-year average.
“Sales of new condominium apartment units returned to a more sustainable, but still solid, pace in June, after exceptional performances in both April and May,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.
The benchmark price of new condominium apartments increased slightly from last month to $804,591, up 3.9 per cent over the last 12 months. Ms. Arsenault said that while the benchmark price moved up month over month for the second month in a row, the increase reflects in part the launch of a number of higher-end projects in June. The benchmark price of new single-family homes decreased slightly from last month, to $1,098,948, down 3 per cent over the last 12 months.
Thanks to a number of new project openings, remaining inventory increased slightly in June, to 14,377 condominium apartment units and 4,685 single-family homes. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.
Total new home sales in the first six months of 2019, at 17,127 units sold, are up 43 per cent from the same period in 2018 and down 14 per cent from the ten-year average.
“It is encouraging to see the pace of the new home market in the GTA so far this year,” said David Wilkes, BILD President & CEO. “We hope that with the policy changes introduced by the provincial government with Bill 108, and the recent steps taken by Toronto City Council to expand housing options in Toronto, we will see more transit-oriented housing built faster, at a price that will allow more potential home buyers to come in from the sidelines.”
June New Home Sales by Municipality: **
| June 2019 | Condominium Apartments | Single-family | Total | ||||||
| Region | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 |
| Durham | 36 | 58 | 17 | 222 | 74 | 155 | 258 | 132 | 172 |
| Halton | 174 | 53 | 64 | 167 | 38 | 43 | 341 | 91 | 107 |
| Peel | 484 | 374 | 260 | 218 | 182 | 88 | 702 | 556 | 348 |
| Toronto | 1,214 | 1,287 | 2,633 | 6 | 8 | 2 | 1,220 | 1,295 | 2,635 |
| York | 512 | 353 | 2,224 | 319 | 108 | 235 | 831 | 461 | 2,459 |
| GTA | 2,420 | 2,125 | 5,198 | 932 | 410 | 523 | 3,352 | 2,535 | 5,721 |
Source: Altus Group
With 1,500 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 $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.
-30-
For additional information or to schedule an interview, contact John Provenzano at jprovenzano@bildgta.ca or (416) 617-7994.
*Altus Group should be credited as BILD’s official source of new home market intelligence.
**Historical data are subject to revision.