Toronto Area New Home Market Slows

The Greater Toronto, ON, Area new home market was slow in September, with overall sales well below the 10-year average and inventories low, but rising slightly, says the Building Industry and Land Development Association (BILD). Sales of new condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units were down 89 per cent from September 2021 and 84 per cent below the 10-year average. Sales of single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses) were down 96 per cent from last September and 96 per cent below the 10-year average. Total new home remaining inventory increased compared to the previous month, to 11,900 units, comprised of 10,291 condominium apartment units and 1,609 single-family lots, representing 4.4 months and 3.1 months of inventory, respectively. A balanced market would have nine to 12 months of inventory.