New home sales surged across the Toronto region in March, with purchasers scooping up 5,003 units in the first month of the typically busy spring homebuying season.
March’s sales total was up 27 percent from a year earlier and 37 percent higher than the 10-year average for the month, according to new figures published today by the Building Industry and Land Development Association (BILD) and its data partner, Altus Group.
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While new single-family homes posted a bigger annual sales gain last month, the condo market segment recorded its second-highest sales total for March since 2000, a signal that demand for high-rise is on an upswing.
With 3,297 units sold, new condo sales were 42 percent above the 10-year average in March and up 11 percent from last year. On the pricing side, the benchmark for a new condo last month was $1,064,317, up over 8 percent on an annual basis.
“The new condominium apartment market picked up the pace in March as the spring market got underway,” said Altus Group’s Ryan Wyse in a media release.
“The number of units in new projects launched and the number of sales were both well above the March average of the past 10 years and those newly launched projects saw particularly strong sales at opening,” he added.
New single-family homes recorded a 75 percent annual gain with 1,706 units sold in March. The total was also 27 percent above the 10-year average for the month. The benchmark price for a new single-family home continued its streak of posting substantial annual gains, rising nearly 30 percent in March to $1,443,638.
“The March new home sales figures prove what we’ve known all along: demand for housing in this region isn’t going anywhere,” said BILD President Dave Wilkes.
“Even as we continue to battle the third wave of the pandemic, it is vital that we don’t lose sight of the long-term housing needs of the GTA and that we continue to work to remove barriers to building more supply.”