GTA new home market slow in August

The Building Industry and Land Development Association (BILD)’s official source for new home market intelligence, Altus Group, has released the report into the GTA new home market for August, revealing a slow performance for the month. New home sales were 711 in August, up 52% year over year but 63% below the 10-year average. It was also the second slowest August for new home sales since Altus Group began tracking in 2000. 

Condo apartment units sold were 443, up 15% year over year. Single-family home sales were 267, up 227% year over year. Total new home remaining inventory decreased compared to the previous month at 16,139 units, showing between 4.5 months and 13.7 months of inventory. 

“Interest rates remain a barrier for prospective new home buyers in the GTA,” said Justin Sherwood, SVP of communications and stakeholder relations at BILD. “However, the relatively strong sales of single-family homes in August demonstrate that municipalities need to enable the building of a mix of housing types to make sure families can find the homes they need when more typical market conditions return.” 

Benchmark prices increased slightly in August compared to the previous month. For new condo apartments, it was $1,089,012, while for new single-family homes, it was $1,726,092.