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May 25, 2023

GTA new home market starts to normalize

The Greater Toronto, ON, Area, (GTA) new home market rebounded in April with sales starting to return to more traditional levels, says the Building Industry and Land Development Association (BILD). There were 2,391 new home sales in April, which was down 35 per cent from April 2022 and 30 per cent below the 10-year average. Condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units, accounted for 1,327 units sold in April, down 57 per cent from April 2022 and 39 per cent below the 10-year average. There were 1,064 single-family home sales in April, up 81 per cent from April 2022 and 16 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses). Total new home remaining inventory was 14,928 units, slightly more than the previous month.

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