Apartment

Strong sales of new condominium apartments in July, inventories

Toronto, Aug. 24, 2022 (GLOBE NEWSWIRE) — Greater Toronto Area, August 24, 2022 – In July, the GTA’s new home market saw strong condominium apartment sales and historically weak single-family home sales, with inventory down and benchmark prices up, the city reported today. Building Industry and Land Development Association.

According to Altus Group*, BILD’s official source for domestic market news.

Single-family homes, including detached, semi-detached and semi-detached homes and townhouses (excluding stacked townhouses), accounted for 97 units sold, down 88% from last July and 88% in below the 10-year average. It was the first time monthly sales of new single-family homes fell below 100 since Altus Group began tracking in 2000.

“New condominium sales posted a strong month of July, boosted by buyer resilience and price stability,” said Edward Jegg, director of research at Altus Group. “In contrast, new single-family home sales hit a record low amid slowing demand and a shortage of inventory.”

With very few new project openings, the total remaining new home inventory decreased from the previous month to 10,848 units, consisting of 9,311 condominium apartments and 1,537 single-family lots, representing 3.4 months and 2.4 months of inventory. A balanced market would have 9 to 12 months of inventory.

The benchmark price for new condominiums in July was $1,191,716, up 9.2% over the past 12 months, and the benchmark price for new single-family homes was $1,933,912, up 27.4% over the last 12 months.

“As BILD has always said, long-term demand for new homes is not going anywhere, despite short-term market trends,” said Dave Wilkes, President and CEO of BILD. “We have a monumental challenge ahead of us: to build the 1.5 million new homes Ontario needs to address the housing crisis, which is centered on the GTA. To help municipal and provincial governments take steps toward this ambitious goal, BILD and OHBA recently released a five-point plan to balance the housing market. With the October 24 municipal election approaching, all residents of Ontario, especially those in the GTA, need to ask their candidates how they will advocate for real action on the housing challenge.

With over 1,300 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The construction and renovation industry provides over 231,000 jobs in the region and $26.9 billion in investment value. BILD is proudly affiliated with the Home Builders Associations of Ontario and Canada.

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For more information or to schedule an interview, contact Justin Sherwood at [email protected] or 416-371-6005.

*Altus Group should be credited as the official source of BILD domestic market information.

  • Release of July 2022 data

  • Altus Data Solutions Media Backgrounder July 2022


        


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