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Mar 1, 2023

GTA New Home Sales Start Quietly

The Greater Toronto, ON, Area (GTA) new home market saw a slow month in January, with 567 new homes sold in the month, down 81 per cent from January 2022 and 70 per cent below the 10-year average, says the Building Industry and Land Development Association (BILD). In fact, it was the lowest number of new homes sold in January since the organization began tracking in 2000. Of the total homes sold, 186 were single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses). This number is down 70 per cent from January 2022 and is 78 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 381 units sold in January – the lowest level for January in 14 years. It was down 84 per cent from January 2022 and 64 per cent below the 10-year average. With the launches of two large condominium apartment projects in January, total new home remaining inventory increased compared to the previous month, to 13,490 units, the highest level in two years. This included 11,869 condominium apartment units and 1,621 single-family units, representing 7.5 months and 4.8 months of inventory respectively, based on average sales for the last 12 months. A balanced market would have nine to 12 months of inventory.

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