The Building Industry and Land Development Association (BILD) says that there was a rebound from the near record low of October 2018, with a 178% increase in new detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) – totalling 1,296.
Figures from the Altus Group, BILD’s official data source, shows a slight decrease in sales of new condo apartments in low, medium and high-rise buildings, stacked townhouses and loft units.
The 3% decrease meant sales of 3,424 of these properties, still 13% above the 10-year average.
“Pent-up demand is gradually being released, aided by favourable mortgage rates and some increase in the availability of single-family product that is affordable to a broader range of buyers,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.
Prices lower for single-family
Prices of new homes were down for the single-family sector; by 3.6% from 12 months earlier to a benchmark $1,074,791.
For condos, the benchmark price was up 7.5% to $833,827.
Inventory increased to 19,718 from the previous month as new projects came to market.
“Based on population projections, it is clear that the demand for housing in the GTA is not going away,” said David Wilkes, BILD President & CEO. “That’s why BILD is very supportive of the provincial government’s efforts to achieve long-term balance in the housing market. The math is simple. We need to make the process of bringing new homes to market simpler, faster and fairer to help create more housing supply and a more affordable market.”
MBN
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