BuyersMarket Insights New GTA home sales sizzled in July says BILD by admin August 27, 2019September 7, 2019 August 27, 2019September 7, 2019 July saw better-than-usual sales of new homes in the Greater Toronto Area according to a new report from the Building Industry and Land Development Association (BILD). Figures from the Altus Group show that sales of new single-family homes totaled 566, which was 136% higher than a year ago, although missing the 10-year average by 29%. Condo sales soared to 42% above the 10-year average with 2,297 units sold, a 22% increase from July 2018. “Typically, buyers take a bit of a vacation from the new condo apartment market in July. This year was no different, although the decline in sales was less pronounced than usual, resulting in the second strongest July on record,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. “While few new projects launched in July, sales at projects opened in June were brisk.” Total new home sales in the first seven months of 2019, at 20,268 units sold, are up 45% year-over-year but 9% below the ten-year average. Inventory decreased to 12,873 for condos and 4,409 for single-family homes. Prices diverge Benchmark prices for newly constructed condos and single-family homes in the GTA continued to diverge in July. The benchmark price of new condominium apartments increased month-over-month to $838,824, up 8.3% over the last 12 months; while the benchmark price of new single-family homes decreased slightly from June to $1,091,727, down 4.5% over the last 12 months. “The price gap between single-family homes and condos continues to shrink, leaving new home buyers with a lack of choice,” said David Wilkes, BILD President & CEO. “We must provide more ‘missing middle’ type development that can support transit in established neighbourhoods. More ‘gentle density’ housing in the form of mid-rise buildings, condos with street level retail, and stacked townhouses is needed to give consumers more choice.” Are you looking to invest in property? Search Now Written By : by Steve Randall - Canadian Real Estate About Nest and Castle Nest & Castle Inc is a leading edge real estate brokerage based in the heart of the Greater Toronto Area (GTA). We provide creative solutions and strategic advice on all aspects of the real estate industry. Our mix of conventional real estate techniques and forward-thinking technologies makes the buying or selling of your home, an easy and enjoyable experience. Search Exclusive New Developments Looking for your Dream Home? Sell Smarter With Data. It's The Future. 0 comment previous post Canadian house prices will pick up says economist next post First-time homebuyers can apply for incentive program in 5 days You may also like Amenity spaces redesigned through tech innovation November 27, 2018 Canada Housing Starts Unexpectedly Rise in May June 15, 2020 Canada Building Permits Rise for 2nd Month August 3, 2020 What Was the ROI on Canadian Real Estate... January 10, 2019 Real-World Guidance for Real estate Investors July 16, 2019 Canada Building Permits Fall More than Expected in... July 15, 2019 First Look: 123 Portland – King West –... September 9, 2019 Government commits to increased housing supply May 4, 2019 Kingsview Ridge in Oshawa – Single Detached homes September 3, 2019