GTA new home market strong in March
Toronto, April 26, 2021 (GLOBE NEWSWIRE) -- The GTA new home market saw a very strong month in March, with sales of both single-family homes and condominium apartments above last year and above the 10-year average, the Building Industry and Land Development Association (BILD) announced today.
Total March new home sales, with 5,003 units sold, were up 27 per cent from March 2020 and 37 per cent above the 10-year average, according to Altus Group*, BILD's official source for new home market intelligence.
"The new condominium apartment market picked up the pace in March as the spring market got underway," said Ryan Wyse, Altus Group's Manager, Analytics, Data Solutions. "The number of units in new projects launched and the number of sales were both well above the March average of the past 10 years and those newly launched projects saw particularly strong sales at opening."
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 3,297 new home sales in March, up 11 per cent from March 2020 and 42 per cent above the 10-year average. It was the second highest March for condominium apartment sales since 2000.
Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,706 units sold, were up 75 per cent from last March and 27 per cent above the 10-year average.
With sales continuing to outpace new supply, remaining inventory decreased in March compared to the previous month, to 11,471 units. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.
"The March new home sales figures prove what we've known all along: demand for housing in this region isn't going anywhere," said Dave Wilkes, BILD President & CEO. "Even as we continue to battle the third wave of the pandemic, it is vital that we don't lose sight of the long-term housing needs of the GTA and that we continue to work to remove barriers to building more supply."
The benchmark price for new single-family homes rose to $1,443,638, which was up 29.4 per cent over the last 12 months, and the benchmark price for new condominium apartments was $1,064,317, which was up 8.3 per cent over the last 12 months.
March New Home Sales by Municipality: **
| March 2021 | Condominium Apartments | Single-family | Total | ||||||
| Region | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 | 2021 | 2020 | 2019 |
| Durham | 215 | 16 | 42 | 470 | 257 | 153 | 685 | 273 | 195 |
| Halton | 165 | 113 | 72 | 160 | 155 | 110 | 325 | 268 | 182 |
| Peel | 126 | 486 | 97 | 270 | 147 | 304 | 396 | 633 | 401 |
| Toronto | 2,324 | 1,941 | 835 | 63 | 46 | 83 | 2,387 | 1,987 | 918 |
| York | 467 | 425 | 284 | 743 | 368 | 202 | 1,210 | 793 | 486 |
| GTA | 3,297 | 2,981 | 1,330 | 1,706 | 973 | 852 | 5,003 | 3,954 | 2,182 |
Source: Altus Group
With more than 1,300 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 more than 269,000 jobs in the region and $30.3 billion in investment value. BILD is proudly affiliated with the Ontario and Canadian Home Builders' Associations.
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For additional information or to schedule an interview, contact John Provenzano, BILD Media Relations Manager, at [email protected], (416) 617-7994.
*Altus Group should be credited as BILD's official source of new home market intelligence.
**Historical data are subject to revisions.
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