Toronto Builder - Winter 2017 - 22
BY PHONG NGO, DIRECTOR, NEW HOMES RESEARCH, ALTUS GROUP
n 2016, there was a total of 48,067 new homes
sold in the GTA, second only to 2002 for highest annual total on record for new home
sales. So far this year, sales through January
to August are slightly ahead of the same period
last year. With four months left to count in 2017
and a busy fall market expected, total sales for
this year could exceed 2016.
The high volume this year to date has been
bolstered by strong sales in March and June,
with over 6,300 and 5,900 new homes sales,
respectively - ranking as two of the highest
single month totals on record. Sales in August
dropped compared to the previous month of
July and August 2016. There were just 795 total
new home sales in August 2017 - down 69% from
a year ago.
Single-family new home sales accounted for
the majority of the decline, with just 114 sales for
the month of August - the lowest monthly total
for single-family sales since Altus Group began
recording in 2000. To put this figure into perspective, the previous 10 year average for August
was 1,063 sales.
New condominium apartment sales declined
in July and again in August from the record set in
June. The 681 sales in August were a record low
for August sales for the sector, just nudging out
the previous low set in August 2013. Despite this,
sales of new condominium apartments are still on
track for a new record in 2017 thanks to the strong
performance in the first half of the year, and an
expected pick-up in project openings in the fall.
There was a small pick-up in total new home
inventory in the GTA in August from July. However,
the current inventory levels are at about onethird of the previous 10-year average for August.
22 * Toronto Builder * Winter 2017