GTA starts propelled by condos and townhomes

November 10, 2017

The market for new homes in the Greater Toronto Area (GTA) picked up in September, primarily driven by sales of multi-family homes, condo apartments in high-rise and mid-rise buildings and stacked townhomes, the Building Industry and Land Development Association (BILD) reported.
There were 2,101 new homes sold in September, according to Altus Group, BILD's official research team.
About 83 per cent (1,749 units) were multi-family homes, and only 17 per cent (352) were low-rise single-family homes such as detached and semi-detached houses and townhomes.
Condo sales for September were on pace with the ten-year average of 1,810, while low-rise sales were far below the comparable ten-year average of 1,173.
As of the end of September, 33,871 new homes have been sold in the GTA in 2017, 80 per cent of them condo apartments in high-rise and mid-rise buildings and stacked townhomes.
“Year-to-date, there have only been 6,718 new single-family low-rise homes sold, which is a level that we have not seen in more than a decade. This is largely due to government intensification policy and the challenges low-rise builders face in bringing product to market, such as a lack of serviced and approved land,” said BILD President and CEO Bryan Tuckey.