GTA New Home Market Sees Small Increase

The Greater Toronto, ON, Area (GTA) new home market picked up slightly in October, though activity remained well below levels that are typical for the month, says the Building Industry and Land Development Association (BILD). Total October new home sales of 2,007 units were down 53 per cent from October 2021 and 49 per cent below the 10-year average. It was the lowest level of new home sales for October since 2008. Sales of new condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units, with 1,601 units sold, were down 50 per cent from October 2021 and 40 per cent below the 10-year average. Single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 406 units sold, down 64 per cent from last October and 67 per cent below the 10-year average. It was the lowest October for single-family home sales since 2000.