30 July 2018

In case of single-family houses, sales went down by 19% from June 2017 (421 units), which is 71% lower than the 10-year average. The benchmark price dropped by 9.4% annually and reached $1,132,957.

“The relatively high condo sales reflect the state of the current market,” – noted David Wilkes, BILD President and CEO. “The price of all new homes in the GTA is strongly influenced by the new government regulations, slowing down the growth of new supply. It’s also affected by government fees and taxes, which may account for about a quarter of the new home price”

New condo buildings led to an inventory increase last month to 10,225 units. At the same time, single-family home inventory went up slightly to 4,848 units.

“The market and buyers keep switching to a more affordable condo sector,” – said Patricia Arsenault, Altus Group’s Executive Vice-President. “In June, 14 new condominium projects were launched in the GTA, marking the second highest number for this month, and consumers bought almost half of the new units by the end of the month. As a rule, only one-third of new units are sold by this time in June.”