GTA new home sales strong in February
By NextHome Staff
April 03, 2020
April 03, 2020
In what might be the last surge for a while, GTA new home sales were exceptionally strong in February, according to the Building Industry and Land Development Association (BILD).There were 4,665 total new home sales in February 2020, which was up 211 per cent from February 2019 and 57 per cent above the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. It was the highest number of new homes sold in February since 2002 and the third highest in the past 40 years.
Source: Altus Group“Following on a month of strong new home sales in February, our industry and our customers are facing a time of challenges and uncertainty due to COVID-19,” says David Wilkes, BILD president and CEO. “We are working diligently to coordinate responses with provincial and municipal authorities, protect workers and customers and ensure that we continue to fulfil our responsibilities to new-home buyers. One of those responsibilities is building enough homes to top up depleted inventory and ensure our region’s new home supply keeps up with demand.”
Single-family surge
It was also the strongest February since 2004 for sales of new single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses). With 2,247 new single-family homes sold, sales were up 228 per cent from last February and 44 per cent above the 10-year average.Sales of new condominium apartments, including units in low-, medium- and highrise buildings, stacked townhouses and loft units, at 2,418 units sold, were up 197 per cent from February 2019 and 48 per cent above the 10-year average. It was the second strongest February of the past 40 years for new condominium apartment sales, after the record high of February 2017.February new home sales by municipalityFebruary 2020 | Condominium units | Single-family homes | Total | ||||||
Region | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 |
Durham | 89 | 21 | 4 | 489 | 97 | 49 | 578 | 118 | 53 |
Halton | 227 | 22 | 46 | 380 | 275 | 113 | 607 | 297 | 159 |
Peel | 545 | 127 | 103 | 289 | 193 | 35 | 834 | 320 | 138 |
Toronto | 1,300 | 587 | 1,050 | 10 | 4 | 6 | 1,310 | 591 | 1,056 |
York | 257 | 57 | 641 | 1,079 | 117 | 55 | 1,336 | 174 | 696 |
GTA | 2,418 | 814 | 1,844 | 2,247 | 686 | 258 | 4,665 | 1,500 | 2,102 |