The resiliency of the Toronto area housing market continued in March, as the region's housing market was strong last month after more than 5,000 new homes were sold.
In March, sales of both single-family homes and condominium apartments were above 2020 levels and above the 10-year average, according to the Building Industry and Land Development Association (BILD).
New home sales accounted for 5,003 units sold, up 27% year-over-year and 37% above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.
Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), accounted for 1,706 units sold -- up 75% from last March and 27% above the 10-year average.
Though, with sales continuing to outpace new supply, remaining inventory decreased in March compared to the previous month, to 11,471 units. Remaining inventory includes units in pre-construction projects, in projects currently under construction, and in completed buildings.
According to BILD, the benchmark price for new single-family homes rose to $1,443,638, up 29.4% over the last 12 months, while the benchmark price for new condominium apartments reached $1,064,317 -- up 8.3% over the last 12 months.
“The March new home sales figures prove what we’ve known all along: demand for housing in this region isn’t going anywhere,” said Dave Wilkes, BILD President & CEO. “Even as we continue to battle the third wave of the pandemic, it is vital that we don’t lose sight of the long-term housing needs of the GTA and that we continue to work to remove barriers to building more supply.”
Last month's data shows condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses, and loft units, accounted for 3,297 new home sales, up 11% year-over-year and 42% above the 10-year average. It was also the second-highest March for condominium apartment sales since 2000.
“The new condominium apartment market picked up the pace in March as the spring market got underway,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions.
“The number of units in new projects launched and the number of sales were both well above the March average of the past 10 years and those newly launched projects saw particularly strong sales at opening.”
While Toronto recorded the lowest new single-family homes sold (63), Canada’s largest city accounted for the most condominium apartments sold with 2,324 transactions. This was followed by York (467), Durham (215), Halton (165), and Peel (126).