The number of homes sold in the Greater Toronto Area (GTA) has surpassed the 10-year average, according to a report from the Building Industry and Land Development Association (BILD).
According to BILD’s study, 24,060 new homes sold in the GTA during the first six months of 2021, a number that is 25 percent above the area’s 10-year average.
“The demand for new homes remains impressive, in particular given the challenges homebuyers have faced in the past year,” said Edward Jegg, analytics team leader of data solutions at Altus Group, in the report.
Breaking the numbers down by month, in June, 3,860 new homes were sold, four percent above the 10 year average. It’s worth noting that condos accounted for most of these sales, amounting to 2,775 units, increasing 13 percent over the 10-year average.
Single-family homes amounted to 1,085 new properties sold in June, 14 percent below the 10-year average. This includes detached, linked, semi-detached and townhouses, but not stacked townhouses.
Last month’s condo sales were located primarily in Toronto, coming to a total of 867 units, with single-family home sales occurring the most in North York at 426 houses. York Region also had the most home sales in general, coming to 919.
The GTA’s home inventory amounted to 11,451 in June. This number includes pre-construction, under construction and houses that were recently built. In comparison, May’s inventory was 12,555 homes.
“The new home market has been a key driver of economic activity through the pandemic, providing jobs and homes for the residents of the GTA,” said Dave Wilkes, BILD’s President and CEO, in June’s report.