GTA new home market shows huge sales increases in August

By NextHome Staff
October 19, 2020

The GTA new home market saw an unusually busy August, according to the Building Industry and Land Development Association (BILD).

A total of 4,539 new homes was sold in August, up 217 per cent from August 2019 and 119 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. It was the highest number of new home sales for August since Altus Group began tracking in 2000.

Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,930 units sold, were up 355 per cent from last August and 139 per cent above the 10-year average.

Condominium apartments, including units in low, medium and highrise buildings, stacked townhouses and loft units, accounted for 2,609 new home sales, up 159 per cent from August 2019 and 106 per cent above the 10-year average.

“The GTA housing market has seen a strong summer, but, with the resurgence in COVID-19 cases, the coming months are full of uncertainty for all of us,” says David Wilkes, BILD president and CEO. “What is certain is that residential and non-residential construction has played a key role in kick-starting the economy in our region and in Canada, and will continue to do so.”

“With the record sales activity and unusual number of project launches we saw in August, it is becoming clear that the COVID-19 pandemic delayed consumers’ housing purchase decisions as well as builders’ project openings,” says Ryan Wyse, Altus group’s manager, analytics, Data Solutions.

The benchmark price for both single-family homes and condominium apartments dipped slightly in August compared to the previous month but was still up year-over-year. The benchmark price for new condo apartments in August was $972,859, up 15.7 per cent over the last 12 months. The benchmark price for new single-family homes was $1.17 million, up eight per cent over the last 12 months.

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