It was a busy month by July standards as both condo sales and single-family sales were up year over year the Building Industry and Land Development Association (BILD) reported on Monday.
There were 566 new single-family homes, including detached, linked and semi-detached houses and townhouses, sold in July, according to Altus Group. Although sales increased 136 per cent from last July, they were 29 per cent below the 10-year average.
Sales of new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, with 2,297 units sold, were up 22 per cent from July 2018 and 42 per cent above the ten-year average.
“Typically, buyers take a bit of a vacation from the new condo apartment market in July,” said Patricia Arsenault, Altus Group’s executive vice-president, data solutions. “This year was no different, although the decline in sales was less pronounced than usual, resulting in the second strongest July on record.
“While few new projects launched in July, sales at projects opened in June were brisk,” she said.
The benchmark price of new condominium apartments increased from last month to $838,824, up 8.3 per cent over the last 12 months. The benchmark price of new single-family homes decreased slightly from last month to $1,091,727, down 4.5 per cent over the last 12 months, continuing its moderating trend in 2019.
Strong July sales, paired with traditional fewer summer openings, saw inventory decrease in July to 12,873 condominium apartment units and 4,409 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 seven months of 2019, at 20,268 units sold, are up 45 per cent from the same period in 2018 and 9 per cent below the ten-year average.
“The price gap between single-family homes and condos continues to shrink, leaving new home buyers with a lack of choice,” said BILD president and CEO David Wilkes. “We must provide more ‘missing middle’ type of development that can support transit in established neighbourhoods. More ‘gentle density’ housing in the form of mid-rise buildings, condos with street-level retail, and stacked townhouses are needed to give consumers more choice.”
July new home Sales by municipality **
|July 2019||Condominium Apartments||Single-family||Total|
Source: Altus Group **Historical data are subject to revision.