It was the lowest August on record for new home sales in the GTA, according to a report by the Building Industry and Land Development Association with data from RealNet Canada.
The report, released today, also noted that 1,242 homes sold in August 2012 represents the lowest monthly sales figure since 2009.
We decided to run these numbers against the totals from July 2012 and August 2011 and found that the drop in sales year-over-year and month-over-month is pretty astounding.
- 64 per cent drop in sales year-over-year (3,496 new home sales in August 2011 vs. 1,242 in August 2012)
- 45 per cent drop in sales month-over-month (2,266 new home sales in July 2012 vs. 1,242 in August 2012)
Year-to-date sales have matched 2010’s numbers, but remain below the record-breaking figures of 2011. A total of 24,301 new homes in the GTA have been purchased in 2012 thus far.