What is the asset class of choice in the GTA?
The Greater Toronto Area continues to be an epicentre of demand for single-detached housing, according to the latest market analysis by Altus Group.
The market saw 1,506 new single-family homes sold in January, marking the largest number of January transactions involving this asset class since 2006.
Conversely, new condo apartments had fewer openings, with only 665 sales during the month (down 39% year over year).
Overall new home sales reached 2,171 units, representing a 4% annual increase. This level was 19% higher than the 10-year average for January, according to the Building Industry and Land Development Association.
The GTA’s remaining inventory fell to 12,774 units, with project launches in January uncommon.
“Between the effects of the pandemic and the typical seasonal slow-down of new product launches, January’s remaining inventory was the lowest we’ve seen since January 2018,” said Dave Wilkes, president and CEO of BILD. “Though much remains uncertain with the pandemic, industry and government must stay focused on increasing housing supply to bring balance to the GTA housing market.”
The benchmark price for new single-family homes in the GTA grew by 24.2% annually to reach $1,362,952. However, despite lethargic activity, new condo apartments also had a 10.4% increase in their benchmark price to reach $1,021,017.
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