York takes biggest hit in GTA new home sales
August 8, 2018
June new home sales in the York region of the Greater Toronto Area (GTA) plunged to 475 units, down from 2,506 at the same period last year. This was the biggest drop in the GTA, according to the Building Industry and Land Development Association (BILD.)
But the building industry could be buoyed by an increase in the resale housing sector.
In all, sales of new detached houses fell 19 per cent in June from June of 2017 and condominium sales plunged 61 per cent from the record-setting pace of June of last year.
A total of 2,500 new homes sold in June, compared to 5,812 in June of 2017.
The most startling statistic: only one new detached home, which includes semi-detached townhouses, sold in the city of Toronto in June.
The benchmark price of new single-family homes, at $1,132,957, was down 9.4 per cent over the last twelve months.
Fourteen new condominium apartment projects were launched in the GTA in June.
“This is the second highest number for June yet recorded by Altus Group, and buyers snapped up almost half of the new units by month-end. In a typical June, closer to one-third of new units are sold by month-end,” said Patricia Arsenault, Altus Group’s executive vice-president, Research Consulting Services.
The benchmark price of new condominium apartments rose to $774,554, which was 23.5 per cent above last June.
The inventory of new condos increased to 10,335 units, while the inventory for single-family homes increased to 4,848 units. Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.
The Toronto Real Estate Board (TREB), however, shows strong growth in resale home sales and average home prices in July.
On a year-over-year basis, GTA home sales rose 18.6 per cent in July. Over the same period, the average selling price increased 4.8 per cent to $782,129. For the first time in over a year, single-family house prices rose as well.
Seasonally adjusted sales in July were at the highest level for 2018, TREB reports.