GTA new home market busy in January
Toronto – The GTA new home market saw a busier than usual January. The Building Industry and Land Development Association (BILD) said there were 2,106 total new home sales in January 2020, which was up 65 per cent from January 2019 and 14 per cent above the 10-year average.
January new home sales included 1,100 new condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, up 33 per cent from January 2019 and 12 per cent above the 10-year average. Sales of single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,006 units sold, were up 126 per cent from January 2019 and 16 per cent above the 10-year average.
“The momentum that we saw building in the GTA new home market as 2019 progressed has carried over into early 2020,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. Altus Group is BILD’s official source for new home market intelligence. “Both end-user buyers and investors are showing more confidence than a year ago, which suggests 2020 will be another solid year for new home sales.”
In January, the benchmark price for new condo apartments was $925,209, which was up 15.1 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,097,613, which was down 2.9 per cent over the last 12 months.
With very few projects launching in January, as is common for the time of year, remaining inventory decreased compared to the previous month, to 16,176 units, comprised of 11,632 condominium apartment units and 4,544 single-family homes. Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.
“The year has started off with a strong demand for new homes,” said David Wilkes, BILD president and CEO. “To ensure that, in the long-term, GTA new home buyers find the range of homes and prices they are seeking, we can’t take our eye off the supply side of the housing equation.”