![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2019\/06\/new-toronto-housing-market.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n On the shoulders of near-record-breaking condo launches, the number of new homes purchased across the GTA last month was almost double the total reached during the same month last year.<\/p>\n Homebuyers snapped up a total of 4,794 new homes in May, up 94 percent annually and soaring 27 percent above the 10-year average, according to the Building Industry and Land Development Association (BILD), which released new data from researchers at Altus Group.<\/p>\n Strong sales activity chipped away at the level of new supply on the market \u201cslightly,\u201d suggests BILD, with 4,574 single-family homes available for purchase at May\u2019s end, compared to 12,537 condos. Homes included in these totals could be selling in the pre-construction phase, already under construction, or even completed and unsold.<\/p>\n\n \u201cIt was the highest number of total new home sales for May since 2002,\u201d says Patricia Arsenault, Altus Group\u2019s executive vice president of data solutions.<\/p>\n Some 1,004 new single-family homes, which includes detached, semi-detached, and linked houses as well as townhouses sold in May, representing an eye-popping 211 percent year-over-year increase.<\/p>\n That\u2019s still 32 percent shy of the average over the past decade, although May was the seventh consecutive month for which sales were up annually in this segment.<\/p>\n The benchmark asking price for available single-family homes was $1,109,501 in May, declining 3 percent from a year ago.<\/p>\n New condo sales in May skyrocketed 64 percent higher than the 10-year average, with 3,790 units in low-, mid- and high-rise buildings as well as lofts and stacked townhouses selling. Compared to May 2018, that\u2019s a 76-percent increase.<\/p>\n Prices for these higher-density homes were up annually. The benchmark asking price of a new condo climbed 2.8 percent in 12 months to $779,687.<\/p>\n \u201cNew condo apartment sales were brisk among the near-record number of units launched in April. At the same time, new single-family home sales broke the 1,000-unit threshold for the first time in two years.\u201d<\/p>\n On the shoulders of near-record-breaking condo launches, the number of new homes purchased across the GTA last month was almost double the total reached during the same month last year.<\/p>\n","protected":false},"author":23,"featured_media":193625,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","apple_news_api_created_at":"2019-06-26T12:00:30Z","apple_news_api_id":"5ee93d82-c932-4530-ad0b-595268b9e168","apple_news_api_modified_at":"2019-06-26T13:58:27Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/AXuk9gskyRTCtC1lSaLnhaA","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":["https:\/\/u48r14.digitalhub.com\/sections\/09b86915-7d2b-3acd-915b-b215002d01b7"],"apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[11269],"tags":[],"coauthors":[8692],"apple_news_notices":[],"yoast_head":"\n