GTA detached sales hit 18-year low

March 1, 2018

Sales of new single-family homes in the Greater Toronto Area (GTA) hit their lowest level for January in at least 18 years, according to the Building Industry and Land Development Association (BILD).
Single-family homes, including detached, semi-detached houses and townhouses, represented only 365 units out of the 1,251 new homes sold in January according to Altus Group, BILD's official source for new-home market intelligence.
“The January data continue a trend we have seen in the GTA,” said David Wilkes, BILD president and CEO. “Affordability and the lack of supply of single-family housing remain a challenge.”
In the meantime, condominium apartments accounted for 70.8 per cent of new home sales, with 886 units sold.
In January, the benchmark price for new single-family homes was $1,229,454, which was 19.6 per cent above January 2017. The benchmark price for condominium apartments was $714,430, which was 40.8 per cent above last January.