New home inventory in the GTA expands in February in anticipation of renewed market activity this spring
Toronto, March 25, 2024 (GLOBE NEWSWIRE) -- Greater Toronto Area, March 25, 2024 – GTA new home sales remained expectedly soft in February with new home inventory edging up, the Building Industry and Land Development Association (BILD) announced today.
There were 753 new home sales in February, which was down 20 per cent from February 2023 and 73 per cent below the 10-year average, according to Altus Group*, BILD’s official source for new home market intelligence.
“GTA new homes sales in February remained soft,” said Edward Jegg, Research Manager with Altus Group. “However, builders have been adding inventory in anticipation of the return of buyers into the market.”
Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 379 units sold in February, down 50 per cent from February 2023 and 78 per cent below the 10-year average. This was the second lowest February for condominium apartment sales on record.
There were 374 single-family home sales in February, up 103 per cent from February 2023 and 66 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 increased compared to the previous month, to 20,177 units. It included 16,747 condominium apartment units and 3,430 single-family dwellings. This represents a combined inventory level of 12 months, based on average sales for the last 12 months. This remains one of the highest inventory levels for new homes seen in the last decade and means there is plenty of choice for new home buyers.
“With inventory growing, builders are clearly indicating they are ready to do their part to meet the provincial objective of building 1.5 million homes by 2031,” said Justin Sherwood, SVP Communications & Stakeholder Relations at BILD. “All we need now is for the signal that interest rates will begin to moderate. This will give buyers the confidence to re-enter the market, take advantage of the available inventory and pricing that has moderated since the previous market peak.”
Benchmark prices increased in February for single-family homes and decreased for condominium apartments compared to the previous month. The benchmark price for new condominium apartments was 1,047,258, which was down six per cent over the last 12 months. The benchmark price for new single-family homes was $1,583,083, which was down ten per cent over the last 12 months.
With 1,200 member companies, BILD is the voice of the home building, residential and non-residential land development and professional renovation industries in the Greater Toronto Area. The building and renovation industry provides 256,000 jobs in the region and $39.3 billion in investment value. BILD is affiliated with the Ontario and Canadian Home Builders’ Associations.
-30-
For additional information or to schedule an interview, contact Janis McCulloch at jmcculloch@bildgta.ca or 416-617-7994.
*Altus Group should be credited as BILD’s official source of new home market intelligence.
Attachments
CONTACT: Janis McCulloch Building Industry and Land Development Association (BILD) 416-617-7994 jmcculloch@bildgta.ca
