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: **

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.

Attachment

• Altus Data Solutions media backgrounder November 2019