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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

26 July 2019

The GTA’s market of new real estate keeps improving

According to the Building Industry and Land Development Association (BILD), last month the GTA reported significant increase in the new housing market.

The recent report by the Altus Group shows there were 932 new single-family homes sold in June. It’s 127% higher than a year ago, but 30% lower than the 10-year average.

In case of condominiums, the annual increase was only 14% with 2,420 sales, marking a 5% decline from the 10-year average.

“Sales of new condos came back to a more stable and strong pace last month, following exceptional results of April and May,” – noted Patricia Arsenault, Altus Group’s Executive Vice President.

The average cost of a newly built condo rose by 3.9% and reached $804,591. In case of the single-family homes, the number fell by 3% to $1,098,948.

The supply went up slightly, reaching 14,377 condos and 4,685 single-family houses.

The sales of new properties from the beginning of the year rose by 43% from the same period last year and reached 17,127 units.

“We are glad to see the pace of the new home market in the GTA today,” - noted David Wilkes, BILD President & CEO. “We hope the policy changes implemented by the provincial government, and the recent measures taken by Toronto City Council for expanding real estate options in Toronto will lead to building more affordable housing units and attracting more buyers”.



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