March GTA New Home Market Strong

The Greater Toronto, ON, Area (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, says the Building Industry and Land Development Association (BILD). 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. “The new condominium apartment market picked up the pace in March as the spring market got underway,” says Ryan Wyse, Altus Group 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.