New home sales in the GTA showed a 94% year-over-year increase

Amid almost record high number of condo launches, the number of new homes sales in the GTA was almost twice larger in May than a year ago.

According to the Building Industry and Land Development Association (BILD) and Altus Group, there were 4,794 new homes sold last month, which is 94% higher than in May 2018 and 27% higher than the 10-year average.

BILD says high sales activity offset part of the new supply on the market with 4,574 single-family homes and 12,537 condos listed for sale in May. Homes on that list could be selling during the pre-construction stage, in the process of construction, after it was completed or even unsold at all.

“It was the largest number of total new home sales for that month since 2002,” says Patricia Arsenault, Altus Group’s executive vice president.

Last month, there were 1,004 new single-family homes sold, including detached, semi-detached, and townhouses. It’s 211% more than a year earlier.

Although it’s still 32% lower than the 10-year average, May was the seventh month in a row reporting annual increase in this sector.

The average price for a single-family home went down by 3% on a year-over-year basis and reached $1,109,501 last month.

New condo sales exceeded the 10-year average by 64%, with 3,790 units in low- and high-rise buildings (plus lofts) sold. It’s 76% higher than a year ago.

The average cost of a new condo rose by 2.8% annually to $779,687.

“New condo apartment sales were very strong amid almost record number of units launched in April. Meanwhile, new single-family home sales exceeded the 1,000-unit mark for the first time in 2 years”.