Photo: James Bombales
Sales for new homes surpassed a decade-long average last month, according to data released by the Building Industry and Land Development Association (BILD) this week.
New single-family homes continued to make strong sales gains in the Greater Toronto Area with 1,553 properties sold during July. This marks a 187 percent increase in new single-family home sales — including detached, linked, and semi-detached houses and townhouses — compared to the same month last year.
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Market intelligence sourced from Altus Group, BILD’s official data partner, shows that July sales also surpassed the 10-year average by 78 percent, making this the best-performing July for new single-family home sales since 2009.
“The strong demand for new homes we saw in July is heartening but not surprising,” said David Wilkes, BILD president and CEO, in the report. “Even as our region makes its way through recovery, it continues to be a very desirable place to live and work.”
Sales for new single-family homes were concentrated within the outer communities of the GTA, with 528, 438 and 302 sales taking place in Durham, York and Halton regions, respectively.
Compared to July 2019, GTA new home sales across all property types were up 36 percent last month and 40 percent above the 10-year average, totalling 3,544 transactions. Last month was the strongest July for new homes sales on record since 2007, the report explains.
The majority of July sales reportedly took place in York, Toronto and Peel regions — 855, 783 and 809 sales for condo apartment and single-family housing types occurred in each municipality.
New condominium apartment sales also picked up following a few months of slowdown, an uptick that includes lofts, stacked townhomes, and units within low- to high-rise buildings. Sales for condo apartments were down four percent year-over-year in July, but above the 10-year average by 19 percent.
Despite the slight annual decline in sales, the benchmark price for a new condo apartment rose 18.5 percent in July to $993,811. Similarly, the benchmark price for a single-family home climbed 8.3 percent to $1,182,199 annually.
“Following the opening of several projects delayed by the pandemic, condominium apartment sales improved substantially in July, with newly opened projects experiencing very strong absorption,” said Altus Group’s Vice President of Data Solutions, Matthew Boukall, in the report.
“This increased activity suggests that there is pent-up demand for new inventory of both single-family and condominium apartment product, and we expect developers to bring more projects forward through the fall period,” he added.