Le Lézard
Classified in: Covid-19 virus
Subjects: MISCELLANEOUS, ECONOMIC NEWS/TRENDS/ANALYSIS

GTA new home market quiet in May


Toronto, June 25, 2020 (GLOBE NEWSWIRE) -- The GTA new home market saw another slow month in May, the Building Industry and Land Development Association (BILD) announced today.

With 866 new homes sold, it was the lowest May for total new home sales since Altus Group*, BILD's official source for new home market intelligence, started tracking in 2000. May's total new home sales were down 81 per cent from May 2019 and 76 per cent below the 10-year average.

Single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 438 new home sales, down 55 per cent from last May and 68 per cent below the 10-year average. Sales of new condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, at 428 units sold, were down 88 per cent from May 2019 and 80 per cent below the 10-year average.

With few projects launching in May, total new home remaining inventory decreased slightly from the previous month, to 13,647 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.

"Two months into the COVID-19 crisis, we are continuing to see the impact on available new home inventory numbers, with the number of new units brought to market in April and May reaching unprecedented low levels," said Matthew Boukall, Altus Group's Vice President, Data Solutions. "Looking back at the market activity following the SARS outbreak in 2003, the industry will likely experience more months of disruptions to available inventory and sales."

The benchmark price for new condo apartments in May was $985,436, which was up 26.4 per cent over the last 12 months, and the benchmark price for new single-family homes was $1,109,643, which was even over the last 12 months.

"The fact that we have not seen much new supply brought to market in the last few months is not surprising, but it is concerning, given our region's ongoing housing shortage," said David Wilkes, BILD President & CEO. "An economic impact report we released with Altus on Monday shows that construction delays due to the pandemic won't just affect housing supply but will also have fiscal implications, including a loss or delay of some $850 million in government revenues. All levels of government must work together to remove barriers to the renewal of construction activity that will help kick-start our economy."

Table: May new home sales by municipality** 


May 2020 Condominium Apartments Single-family Total
Region 2020 2019 2018 2020 2019 2018 2020 2019 2018
Durham 58 49 242 128 253 70 186 302 312
Halton 25 469 24 77 144 31 102 613 55
Peel 67 700 252 86 278 133 153 978 385
Toronto 208 1,315 1,347 14 36 9 222 1,351 1,356
York 70 1,079 297 133 258 50 203 1,337 347
GTA 428 3,612 2,162 438 969 293 866 4,581 2,455

Source: Altus Group

With 1,500 member companies, BILD is the voice of the home building, land development and professional renovation industry in the Greater Toronto Area. The building and renovation industry provides $33 billion in investment value and employs 271,000 people in the region. BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.

-30-

*Altus Group should be credited as BILD's official source of new home market intelligence.

** Historical data are subject to revisions.

Attachment


These press releases may also interest you

15 mai 2024
Full year 2023 revenue of $90.9 million compared to $99.4 million in 2022, and $90.5 million compared to $86.7 million on a normalized basis, excluding one-time COVID mandates.Q4 2023 gross profit margin1 of 39.7% was relatively flat compared to Q3...

15 mai 2024
Record Operating Revenues and Net Income: DeFi Technologies recorded its strongest quarter ever, achieving Operating Revenues of C$13.4 million and Operating Net Income of C$5.3 million for Q1 2024.Strategic Advancements and Product Launches: The...

15 mai 2024
Mace Security International today announced its first quarter 2024 financial results for the period ended March 31, 2024.The Company's net sales for the first quarter of 2024 were $1,357,000, down (18%) versus the like period in 2023. The decrease...

15 mai 2024
As the nation continues to emerge from the recession brought on by the 2020 COVID-19 pandemic, a new report on youth employment, Uneven Recovery and Sustained Inequality after the COVID-19 Recession: Employment for Chicago's Youth and Young Adults,...

15 mai 2024
The Parliamentary Assembly of the Mediterranean (PAM) has announced the recipient of the inaugural PAM Global Humanitarian Personality Award at the 18th Plenary Session held in Braga, Portugal. For the first time, this prestigious recognition is...

15 mai 2024
Retractable Technologies, Inc. reports total net sales of $7.6 million for the first three months of 2024 and an operating loss of nearly $3.0 million for the period, as compared to total net sales for the same period last year of $11.0 million and...



News published on and distributed by: