The supply of new-build single-family home inventory continues to drop across the Greater Toronto Area (GTA).
According to the Building Industry Land Development Association (BILD) report, the area saw 4,280 sales in October, seven percent above the 10-year average. However, when you break down the specific type of homes that sold during this time period, a slightly different picture is painted.
“New home markets are returning to more seasonal patterns after the pandemic-related disruptions over the past year-and-a-half,” said Edward Jegg, the analytics team leader of Altus Analytics at Altus Group, in a press release. Atlus Analytics is the official supplier of BILD’s data.
On the condo side of the spectrum — which includes stacked townhouses and loft units — October saw 3,168 sales transactions. On the other hand, single-family homes — which includes detached and semi-detached houses/townhouses — saw 1,112 new homes sold, a drop of 14 percent under the 10-year average.
Overall GTA condo inventory now sits at 11,973 units, a number that’s well under the 10-year average of 16,000 units, according to BILD’s report. However, single-family home inventory sites at 1,138: the second-lowest rate ever next to March 2017.