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New detached-home sales rise in GTA

April 2, 2019

The Greater Toronto Area (GTA) registered sales of 639 new single-family houses in February—the highest level since April 2017, according to the Building Industry and Land Development Association (BILD).
The data is based on sales of detached, linked and semi-detached houses and townhouses, according to Altus Group. Sales were up 147 per cent from February 2018, but remained 50 per cent below the 10-year average.
In comparison, the 772 sales of new condo units were down 58 per cent from February 2018 and down 51 per cent from the 10-year average.
Remaining new home inventory in February included 11,169 condo units and 5,233 single-family lots—spanning new units that are in pre-construction or currently under construction but have not already been sold, and finished-but-not-sold units in completed buildings.
Prices were down for detached properties but higher for condo units over the past year. The benchmark price of new single-family homes was $1,122,682, down 8 per cent over the last 12 months, while the benchmark price of new condo units was $792,709, up 8.6 per cent from February 2018.
BILD GTA president and CEO David Wilkes expressed hope that the recent federal budget, which offered two incentives for buyers “will enable more first-time homebuyers to enter the market and purchase the type of home they want.”



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