TORONTO – GTA new home sales were flat again in November, maintaining the highest increase since the summer but above last November’s lowest level, the Building Industry and Land Development Association (BILD) reported.
According to Altus Group, BILD’s official source of new home market information, there were 1,694 new home sales in November, an increase of 13% from November 2022 and 54% below the 10-year average.
The analysis also found:
- Condominium apartments, which include low-rise, mid-rise and high-rise buildings, stacked townhouses and loft units, accounted for 1,310 units sold in November, up 7% from November 2022 and 51% below the 10-year average. Ta.
- Single-family home sales in November were 384, an increase of 41% from November 2022 and 62% below the 10-year average.
- The total remaining inventory of newly built homes decreased from the previous month to 20,760 units. Of these, 17,283 are apartment buildings and 3,477 are single-family homes. This represents a total of 9 months of inventory levels based on average sales over the past 12 months.
- GTA is at the top of the balanced market from a monthly inventory perspective. The last time he reached this level was in December 2015. A balanced market has 9-12 months worth of inventory.
- Compared to the previous month, standard prices in November fell for detached houses and rose for condominiums. The base price for a new condominium is $1,040,295, a decline of 7.3% in the past 12 months. The benchmark price for a new single-family home was $1,594,036, down 8.5% over the past 12 months.
“This slow pace of sales is solely due to current interest rates,” Justin Sherwood, BILD’s SVP of communications and stakeholder relations, said in a statement. “We are at a pivotal time in the market. The GTA’s population is growing and in need of housing, but the current slowdown in sales will lead to a slowdown in housing starts in the near future, leading to new additions to the market. total inventory is actually decreasing from month to month, so a balanced market in terms of monthly inventory means less product coming to market, not more sales. Don’t be lulled into a false sense of security because as soon as interest rates ease and sales pick up, you’ll be back in short supply.”