New single-family home sales fall to record low
There was a slowdown in new home sales in the Greater Toronto Area in November with sales of new single-family homes falling to a record low.
The Building Industry and Land Development Association (BILD) says that there were 3,473 sales of new homes in the GTA in November according to Altus Group data.
Condos made up 91% of the sales (3,161 units) and were 28% above the 10-year average but 8% down from November 2016.
Sales of new single-family homes plummeted 82% year-over-year to just 312 units, 76% below the 10-year average.
Although the year-to-date figures for new single-family home sales was down 58% from the same period of 2016 and made up less than 18% of all new home sales over the 11 months, it is not due to lack of desire.
“Single-family housing is still the first choice for many people, especially for those with families,” said BILD president and CEO Bryan Tuckey. “A big reason single-family homes represent a decreasing proportion of new home sales is that people simply cannot afford them.”
November’s benchmark price for available new single-family homes was $1,223,610, up 25.1% year-over-year. The benchmark price for available new condo apartments was $702,992, 42.6% above the November 2016 benchmark.
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