Sales of new homes in the Greater Toronto Area surged in October, driven by multifamily and condo apartments in high-rise and medium-rise buildings and stacked townhomes.
A report from the Building Industry and Land Development Association (BILD) shows that 5,377 new homes were sold last month, 91% (4,884) were multifamily while just 493 were low-rise homes.
The figures reveal that condo sales were 81% higher than the 10-year average for October and set a new record for the month; low-rise sales were 64% below the 10-year average.
BILD president and CEO Bryan Tuckey says the market for new single-family homes has been restricted by the Ontario government’s policies.
“Provincial intensification policy has our members building more high and mid-rise dwellings making housing choices a challenge. The cost of a single family home is out of reach for many consumers pushing them to buy a condo over a house. As a result we are seeing record breaking condo sales and higher prices this year for new low-rise homes,” Tuckey says.
There was an increase in supply of new homes in October (12,500 units) but this was still well-below a healthy level with 9,308 multi-family and 3,192 single-family homes available.
The average price of available new single-family homes was up almost 30% year-over-year to $1,217,428; an increase of more than $12K from September.
For new condo apartments in high-rise and mid-rise buildings and stacked townhomes was $677,456 in October, up from September’s $661,188.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: