The Building Industry and Land Development Association (BILD) announced, in October, the GTA new-home market saw a relatively active month for new condominium apartment and single-family home sales and openings.

There were 2,805 condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units sold in October, down 44 per cent from October 2017 but only 1 per cent less than the ten-year average, according to Altus Group, BILD’s official source for new-home market intelligence. Single-family home sales, with 491 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were even with last October and down 64 per cent from the 10-year average.

With 21 condominium apartment projects and 14 single-family home projects opening in October, remaining inventory increased to 16,283 units, comprised of 10,982 condo apartment units and 5,301 single family units. Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.

“The pickup in interest from builders and home buyers that started to emerge in the GTA new home market in September gained momentum in October,” said Patricia Arsenault, Altus Group data solutions executive vice-president. “October was the best month we’ve seen this year not only in terms of sales—for both single-family homes and condominium apartments—but also new project openings. And for both sales and new openings, the increases from last month were stronger than the typical seasonal pattern.”

David Wilkes, BILD president and CEO, said the new home market’s gradual return to more typical activity levels was an encouraging sign.

“It’s clear that when we are able to bring on more supply and give new home buyers more product to choose from, they get excited and motivated about making that choice,” he said. “That’s why we are especially heartened by the new provincial government’s commitment to increasing housing supply through its Housing Supply Action Plan.”

The benchmark price for both condo apartments and single-family homes decreased slightly in October compared to the previous month. The benchmark price for condo apartments was $775,537, which was still up 14.5 per cent over the last 12 months. The decrease in the benchmark price of condo apartments from September can be accounted for by the smaller benchmark size of units available to purchase. The benchmark price for single-family homes was $1,115,284, down 8.4 per cent over the last 12 months.

October new-home sales by municipality:

October 2018

Condominium Apartments

Single-family

Total

Region

2018

2017

2016

2018

2017

2016

2018

2017

2016

Durham

79

19

96

55

207

323

134

226

419

Halton

328

162

375

78

69

515

406

231

890

Peel

169

110

203

148

48

177

317

158

380

Toronto

2,133

4,085

1,478

74

28

14

2,207

4,113

1,492

York

96

613

336

136

139

621

232

752

957

GTA

2,805

4,989

2,488

491

491

1,650

3,296

5,480

4,138

Source: Altus Group