GTA new home market solid in October

Toronto, Nov. 26, 2020 (GLOBE NEWSWIRE) -- New home sales in the GTA kept up a steady pace in October, the Building Industry and Land Development Association (BILD) announced today.

Total October new home sales of 4,254 units were about even with the 10-year average, though down 10 per cent from October 2019, according to Altus Group*, BILD’s official source for new home market intelligence.

Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 2,340 new home sales, down 32 per cent from October 2019 and 20 per cent below the 10-year average.  

Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,914 units sold, were up 44 per cent from last October and 42 per cent above the 10-year average.

“During October, we saw strong sales and a significant number of new condominium apartment launches, but we are seeing slightly lower sales volumes than in past years during the fall, as the procedures around new home sales have changed in the face of the COVID-19 pandemic,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions. “Virtual tours and signings and by-appointment sales offices have allowed the market to continue operating during the pandemic. However, sales launches have changed—instead of crowds at opening, we are seeing a shift to appointments over a longer period of time.”

With a number of new projects opening, as is typically the case for October, total new home remaining inventory increased from the previous month to 15,386 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.

The benchmark price for new condominium apartments in October was $990,880, which was up 18.8 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,211,141, which was up 12.7 per cent over the last 12 months.

“When we look at the overall numbers so far in this very unusual year, it’s clear that the demand for the homes our industry builds is not going anywhere,” said David Wilkes, BILD President & CEO. “In spite of the challenges brought on by the pandemic, year-to-date new home sales in the GTA are up 11 per cent compared to the same period last year and two per cent above the 10-year average, demonstrating not only the resilience of the housing market in the GTA, but also the role that our sector will play in economic recovery.”

October 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 $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.

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For additional information or to schedule an interview, contact John Provenzano, BILD Media Relations Manager, at [email protected], (416) 617-7994.

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

**Historical data are subject to revisions.

John Provenzano
Building Industry and Land Development Association (BILD)
4166443912
[email protected]