According to data from Altus Group on behalf of the Building Industry and Land Development Association (BILD), only 155 condo units sold across the Greater Toronto Area (GTA) in September, with only 53 new units sold in Toronto, 15 new condos in Durham, 35 in Halton, 43 in Peel and nine in York.
For Toronto, this represents a decline of 29 percent over the previous year and a decline of 44 percent in the region, marking a new low for the market that is reminiscent of the 1990s and 90 percent below the 10-year average, which BILD attributes to the high cost of building due to government fees and taxes, causing inventory to fall and further challenging affordability.
“The September numbers are reinforcing a trend we’ve seen for the last almost two years where we’re 85 percent below the 10-year average, both in condo sales across the region, but also in single family sales across the region,” BILD CEO David Wilkes told CBC News.
Single-family homes (detached, linked, semi-detached, and townhomes) in the GTA were down 16 percent over the previous year and 61 percent below the 10-year average.
The benchmark price for new condominiums in the GTA was $1,033,317 in September, while the benchmark price for new single-family homes was $1,437,447—down 8.2 percent over the last 12 months.
