If one thing’s for certain, July was a scorcher in the Greater Toronto Area (GTA), and no, we’re not just referring to the weather. The new home market also experienced the strongest July for new home sales since 2007, as a total of 3,544 new properties were sold, according to data released by the Building Industry and Land Development Association (BILD).
According to market intelligence sourced from Altus Group, BILD’s official data partner, new homes sold in July were up 36% from the same time last year and 40% above the 10-year average.
New single-family homes continued to make strong sales gains in the GTA, with 1,553 properties sold last month. This marks a whopping 187% increase in new single-family home sales — including detached, linked, and semi-detached houses and townhouses — compared to the same month last year.
Compared to the 10-year-average, new single-family home sales were up 78% last month, marking the highest July since 2009.
f one thing’s for certain, July was a scorcher in the Greater Toronto Area (GTA), and no, we’re not just referring to the weather. The new home market also experienced the strongest July for new home sales since 2007, as a total of 3,544 new properties were sold, according to data released by the Building Industry and Land Development Association (BILD).
According to market intelligence sourced from Altus Group, BILD’s official data partner, new homes sold in July were up 36% from the same time last year and 40% above the 10-year average.
New single-family homes continued to make strong sales gains in the GTA, with 1,553 properties sold last month. This marks a whopping 187% increase in new single-family home sales — including detached, linked, and semi-detached houses and townhouses — compared to the same month last year.
Compared to the 10-year-average, new single-family home sales were up 78% last month, marking the highest July since 2009.
What’s more, the total new home remaining inventory — which includes units in preconstruction projects, in projects currently under construction, and in completed buildings — in July was 13,828 units.
“The strong demand for new homes we saw in July is heartening but not surprising,” said David Wilkes, BILD President & CEO.
“Even as our region makes its way through recovery, it continues to be a very desirable place to live and work. The provincial government, with its Housing Supply Action Plan, has put in place a number of changes to help address our generational housing supply shortage.”
Wilkes says it’s now time for municipalities to work with the industry to “implement these changes for the benefit of the families who want to call GTA home and as a much-needed boost for our economy.”
Maziar Moini, Broker of Record - Home Leader Realty Inc.
300 Richmond St. W., #300, Toronto, ON M5V-1X2
