February GTA New Home Sales Remain Strong

Greater Toronto, ON, Area (GTA) new home sales continued strong in February, though below the record-setting pre-pandemic performance of February 2020, says the Building Industry and Land Development Association (BILD). Total February new home sales, with 3,240 units sold, were nine per cent above the 10-year average, but 34 per cent below February 2020. “We need to be careful when comparing February of this year to the exceptionally busy month of February 2020, just before the pandemic hit,” says Dave Wilkes, BILD president and CEO. “We are talking about completely different sets of circumstances. The fact is that February 2021 was a solid month when compared with the 10-year average.” Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,617 units sold, were down 30 per cent from last February but 20 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 1,623 new home sales in February, down 38 per cent from February 2020 and even with the 10-year average. With few projects launching in February, remaining inventory decreased compared to the previous month, to 12,095 units. It was the lowest level of remaining inventory since December 2017. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.