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<\/a>Photo:\u00a0inese.online<\/a> \/ Adobe Stock<\/em><\/p>\nNew condo and single-family home sales in the Greater Toronto Area were down on a yearly basis in April, even as prices continued to trend up.<\/p>\n
New insights released by the Building Industry and Land Development Association (BILD) state that the GTA new home market \u201cshowed signs of slowing down,\u201d in April from 2021\u2019s \u201cexceptionally strong pace.\u201d A total of 3,645 new units were sold that month, a 29 per cent drop compared to April 2021, but still six per cent above the region\u2019s 10-year average.<\/p>\n
Year-to-date, there have been 14,784 new homes sold in 2022. So far this year, 2,665 new single-family homes have been sold (down 58 per cent from the previous year) and 12,119 new condo transactions (a 22 per cent increase year-over-year).<\/p>\n\n
New condo apartments, which encompasses units in low-, medium- and high-rise buildings, stacked townhouses and loft units, accounted for 3,074 of April\u2019s monthly sales, down 24 per cent from the same month in 2021. However, new condo sales were still 40 per cent above the 10-year average that month, marking the fourth-highest number of condo apartment sales for April since 2000. The majority of new condo apartment sales took place in Toronto during April, where 1,620 units exchanged hands.<\/p>\n
In April, 571 new single-family homes were sold, a 47 per cent drop year-over-year and 54 per cent below the 10-year average. New single-family residences include detached, linked and semi-detached houses and townhouses, but exclude stacked townhouses. York logged the majority of April\u2019s new single-family home sales, where 251 residences were traded.<\/p>\n
Edward Jegg, research manager at Altus Analytics at Altus Group, noted in the monthly BILD report that headwinds of growing interest rates and inflation are starting to \u201cact as a drag after an exceptional 16 months.\u201d<\/p>\n
The price of both a new construction single-family home and condo apartment continued to rise in April. The benchmark price for new single-family homes hit $1,787,186 that month, up 28.1 per cent over the last 12 months. Meanwhile, the benchmark for a new condo rose to $1,189,134, a 12.3 per cent increase over the last year.<\/p>\n