Toronto, Dec. 23, 2019 (GLOBE NEWSWIRE) -- The GTA new home market saw a November that was busier than usual, the Building Industry and Land Development Association (BILD) announced today.

There were 4,720 new home sales in the GTA in November, according to Altus Group*, BILD’s official source for new home market intelligence. This was up 53 per cent from November 2018 and 19 per cent above the 10-year average.

Single-family home sales, with 1,156 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were up 207 per cent from last November and four per cent below the 10-year average.

Condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,564 new home sales, up 32 per cent from November 2018 and 29 per cent 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. “With one month still to go, 2019 has already earned a spot among the top four years ever for new condo sales.”

A number of new project openings in November ensured that, despite strong sales, remaining inventory decreased only slightly compared to the previous month, to 19,539 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

The benchmark price of new single-family homes in November was $1,075,215, down 6.6 per cent over the last 12 months. The benchmark price of new condominium apartments was $866,827, up 10.2 per cent 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 housing supply 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.”

November New Home Sales by Municipality: **

November 2019 Condominium Apartments Single-family Total
Region 2019 2018 2017 2019 2018 2017 2019 2018 2017
Durham 183 405 16 210 53 71 393 458 87
Halton 112 90 203 134 104 86 246 194 289
Peel 406 758 181 258 66 53 664 824 234
Toronto 2,198 1,353 2,523 34 8 21 2,232 1,361 2,544
York 665 92 387 520 146 93 1,185 238 480
GTA 3,564 2,698 3,310 1,156 377 324 4,720 3,075 3,634

 

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 $34 billion in investment value and employs 270,000 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 Justin Sherwood at jsherwood@bildgta.ca or (416) 371-6005.

 

*Altus Group should be credited as BILD’s official source of new home market intelligence.

**Historical data are subject to revision.

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John Provenzano
Building Industry and Land Development Association (BILD)
4163716005
jsherwood@bildgta.ca