Ontario Construction News staff writer
The Greater Toronto Area (GTA) new home market saw continued momentum in April as prices remained relatively flat and condominium inventory increased, the Building Industry and Land Development Association (BILD) said on Monday.
Total new home sales, with 3,853 new homes sold, were up 123 per cent from last year, and about even with the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. There were 800 new single-family homes sold in April, including detached, linked and semi-detached houses and townhouses, up from last April’s low of 443, but still 50 per cent below the ten-year average.
This is the sixth month in a row that new single-family home sales have increased year-over-year. Sales of new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, with 3,053 units sold, were up 137 per cent from April 2018 and 37 per cent above the 10-year average.
“Both builders and buyers stepped up their game in the new condominium apartment market in April,” said Patricia Arsenault, Altus Group’s executive vice-president, data solutions. “The number of units in new projects launched, and the number of sales were well above the April average of the past 10 years. While it is still too early to call the market as being on the upswing, the stronger showing in April is encouraging.”
The benchmark prices of both single-family homes and condominium apartments moderated slightly compared to the previous month. The benchmark price of new single-family homes was $1,119,772, up slightly at 0.3 per cent over the last 12 months, while the benchmark price of new condominium apartments was $758,585, an increase of 2.5 per cent over the last 12 months.
“The last two months have seen stronger new home and condominium sales in the GTA after a sub-par April in 2018,” said David Wilkes, BILD president an CEO. “There seems to be a resiliency in the market as new home buyers are coming off the sidelines.”
Remaining inventory in April included 13,707 condominium apartment units and 4,580 single family homes. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.
April New Home Sales by Municipality: *
|April 2019||Condominium Apartments||Single-family||Total|
Source: Altus Group
**Historical data are subject to revision.