Toronto has some crazy-expensive houses on the market. But that hasn’t stopped people from bidding on them.
The Altus Group, the Building Industry and Land Development Association’s (BILD) official source for new home market intelligence, says that September sales were up 73 per cent from September 2018. With over 3,061 homes sold, September transactions represented 6 per cent above the 10 year average of overall home sales.
Condo sales of every variety also accounted for 2,107 new home sales – which was up a dramatic 39 per cent compared to the same time last year. Meanwhile single family homes rose up a staggering 283 per cent from last September with 954 detached, linked and semi-detached houses and townhouses sold.
READ: Single-Family Home Sales Exceed Expectations For 10th Month Straight
Looks like the prediction of a recovering Canadian real estate market is coming true.
It’s no secret that the affordable housing crisis has been due to a huge lack of supply. But BILD’s report says that inventory last month has been improved with 18,745 units added to September’s market. But there is still more inventory by way of units in preconstruction.
“September provided additional evidence that the new home market in the GTA is recovering nicely from last year’s slump,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. “The degree of improvement in both new home sales and new project openings this year has been contained, however, and there are no signs of overheating in the market.”
READ: Canadian Housing Market Predicted To Make Full Recovery
Benchmark prices of single homes actually fell to $1,081,175 (down 3.4 per cent from last year) as condo prices increased to $841,159, up 6.5 per cent during the same time period.
“While new home sales and inventory have been increasing, the GTA continues to experience a significant housing supply crunch,” says David Wilkes, BILD President & CEO. “We must continue to focus on the supply side of the housing equation to address this generational challenge for the long term.”
