Greater Toronto new home sales remain strong
August 9, 2021
The Greater Toronto Area new home market saw another active month in June 2021—with a total of 24,060 new home units sold during the first half of the year. This figure is 25 per cent above the 10-year average, according to Altus Group, the Building Industry and Land Development Association’s official source for new home market data.
Total June 2021 new home sales, with 3,860 units sold, were 4 per cent above the 10-year average.
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 2,775 new home sales in June—13 per cent above the 10-year average.
Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,085 units sold in June, were 14 per cent below the 10-year average.
“The demand for new homes remains impressive, in particular given the challenges homebuyers have faced in the past year,” said Edward Jegg, analytics team leader, Data Solutions, Altus Group. “New product brought to the market has not kept pace with sales, and as a result, relatively low inventories of product available to purchase continue to exert pressure on prices.”
The benchmark price for new condominium apartments in June was $1,058,366—up 5.9 per cent over the last 12 months. The benchmark price for new single-family homes was $1,405,597—up 23.1 per cent over the last 12 months.
Total new home remaining inventory was 11,451 units in June. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.