March GTA new home sales pick up

The Greater Toronto, ON, Area new home market picked up slightly in March compared to the previous month, says the Building Industry and Land Development Association (BILD). There were 1,277 new home sales in March, which was down 70 per cent from March 2022 and 65 per cent below the 10-year average. Condominium apartments accounted for 893 units sold in March, down 73 per cent from March 2022 and 63 per cent below the 10-year average. There were 384 single-family home sales, down 57 per cent from March 2022 and 67 per cent below the 10-year average. Single-family homes include detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses). Total new home remaining inventory was 14,479 units, slightly lower than the previous month, but up substantially from last year’s record low in March.