New home sales in the Greater Toronto Area continue to rise with York Region being the leading market last month, according to a report from the Building Industry and Land Development Association (BILD).
In June 2021, York Region saw 493 sales of new condo apartments and 426 sales of new single-family homes for a total of 919 sales — the highest total sales in the GTA last month, followed by Toronto with 882 and Halton with 853 total sales.
“The demand for new homes remains impressive, in particular given the challenges homebuyers have faced in the past year,” said Edward Jegg, an analytics team leader at Altus Group.
Across the GTA as a whole, there were 3,860 new home sales in June, which brings the total for the first six months of 2021 to 24,060, according to Altus Group, which is BILD’s official source for housing market data.
This is 25 per cent higher than the 10-year average, the report found.
However, experts say the supply of new homes may not be able to meet this increased demand.
“New product brought to the market has not kept pace with sales, and as a result, relatively low inventories of product available to purchase continue to exert pressure on prices,” Jegg said.
The total number of remaining new home units available in the GTA at the end of June was 11,451. This includes pre-construction projects, projects currently under construction, and completed buildings.
“As we look forward, we will be monitoring the continuing strength and speed of economic recovery, the return of typical immigration levels and the possible rise in interest rates and their impact on the new home construction,” BILD president and CEO Dave Wilkes said. “Dipping inventory levels, particularly on the condo side, continue to remind us that the current affordability challenges facing the GTA housing market are driven by a lack of supply. Governments at all levels need to take action on removing barriers to getting new housing built.”
