Events in toronto: Home sales in the GTA surged 73 per cent over same time last year

Monday, October 28, 2019

Home sales in the GTA surged 73 per cent over same time last year

After a relatively major slump in the GTA housing market last year, it seems the new home market is recovering well.

The Building Industry and Land Development Association (BILD) just announced that, in terms of new home sales and new project openings, the GTA new home market was relatively strong in September.

And according to Altus Group, BILD’s official source for new home market intelligence, there were 3,061 new home sales in September, up 73 per cent from September 2018 and six per cent above the 10-year average.

GTA new home market continued recovery in September. Read our latest data release: https://t.co/fii6SMbVTF #newhomes @AltusData pic.twitter.com/rd2SztBQ0r
— BILD (@bildgta) October 28, 2019

"September provided additional evidence that the new home market in the GTA is recovering nicely from last year’s slump,” Patricia Arsenault, Altus Group’s Executive Vice President of Data Solutions, said in a statement.

"The degree of improvement in both new home sales and new project openings this year has been contained, however, and there are no signs of overheating in the market."

Of the 3,061 new home sales, condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units accounted for 2,107 of them. This is up 39 per cent from September 2018 and 12 per cent above the 10-year average.

The remaining 954 homes sold include linked and semi-detached houses and townhouses (excluding stacked townhouses), which were up 283 per cent from last September and just 5 per cent below the 10-year average.

Research also shows that new projects on the market in September have caused remaining inventory (units in pre-construction projects, in projects currently under construction and in completed buildings) to increase from the previous month to 18,745 units.

"While new home sales and inventory have been increasing, the GTA continues to experience a significant housing supply crunch," said David Wilkes, BILD President and CEO.

"We must continue to focus on the supply side of the housing equation to address this generational challenge for the long term."