Strong New Home Sales Continue

In November, the Greater Toronto, ON, Area (GTA) new home market saw upward trends from recent months continue, says the Building Industry and Land Development Association. There were 1,914 units of single-family homes sold, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses). This was up 68 per cent from last November and 58 per cent above the 10-year average. Condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units, accounted for 1,836 new home sales, down 49 per cent from November 2019 and 32 per cent below the 10-year average. With few new projects opening in November, total new home remaining inventory dipped from the previous month to 14,697 units. Remaining inventory includes units in pre-construction projects, projects currently under construction, and completed buildings.