July GTA New Home Sales Slow

The Greater Toronto, ON, Area (GTA) new home market was quiet in July, as is typical for the month, says the Building Industry and Land Development Association (BILD). Total July new home sales, with 2,140 units sold, were 14 per cent below the 10-year average. Single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 662 units sold in July, 21 per cent below the 10-year average. Sales of condominium apartments, including units in low-, medium-, and high-rise buildings, stacked townhouses, and loft units, with 1,478 units sold in July, were 11 per cent below the 10-year average. Remaining inventory decreased for the month compared to June for both condominium apartments and single-family homes, to 9,483 units and 1,598 units respectively. Remaining inventory includes units in preconstruction projects, in projects currently under construction, and in completed buildings.