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New home market at typical activity level in October

October was a busy time in the GTA new home market, as is typically the case every year.

Single-family home sales, with 1,296 detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) sold, were up 178% from last October’s near-record low and even with the 10-year average, according to Altus Group*

Sales of condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,424 new home sales, down three per cent from October 2018 but 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.

The benchmark price of new single-family homes in October was $1,074,791, down 3.6% over the last 12 months. The benchmark price of new condominium apartments was $833,827, up 7.5% over the last 12 months.

With a number of new projects coming to market in October, remaining inventory increased from the previous month, to 19,718 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction and in completed buildings.

October New Home Sales by Municipality: **

Source: Altus Group