May GTA new home market gains momentum

The Greater Toronto, ON, Area new home market gained momentum in May, registering the first year-over-year increase in more than a year, says the Building Industry and Land Development Association (BILD). There were 3,109 new home sales in May, which was up 22% from May 2022 and 10% below the 10-year average. Condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units, accounted for 1,976 units sold in May, down 3% from May 2022 and 14% below the 10-year average. There were 1,133 single-family home sales, up 123% from May 2022 and 3% below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses). May’s total new home remaining inventory, which includes units in preconstruction projects, in projects currently under construction, and in completed buildings, was 15,346 units. Thanks to 13 high-rise project openings, remaining inventory included 13,867 condominium apartment units. This represents approximately 13 months’ worth of inventory, based on average sales for the last 12 months. The remaining inventory for single-family homes was 1,479 units, representing approximately 4.5 months’ worth of inventory. A balanced market has nine to 12 months of inventory.