29 April 2019

“People have always wanted to have a new single-family home, but many potential buyers decided to wait and see how the market develops during the previous two years”, – noted Patricia Arsenault, Altus Group’s executive vice president.

“Although the affordability of single-family homes is still an issue, a wider range of properties at more reasonable prices, which appears now, attracts some homebuyers”, – she added.

The average price of a new single-family home (including detached and semi-detached houses, and townhouses) in the GTA last month fell by 7.6% annually and stopped at $1,116,640.

While the new single-family home sales were 38% lower than the 10-year average, March was the fifth consecutive month showing annual sales growth in this segment.

At the same time, the multi-family sector saw an activity decline with only 1,428 condo apartments and lofts sold last month. It’s 13% down from a year ago and 34% lower than the 10-year average for this category.

The average cost a new condo in the GTA rose by 5.1% annually and reached $780,839.