Single-family homes took a big hit.
Toronto homes got bleak last month, friends, well, bleaker that is. A market report from the Building Industry and Land Development Association (BILD) reveals that the sales of GTA single-family homes dropped to an "all-time low" in July.
Last month's lack of inventory and rising prices led to the homes, which include detached, linked, semi-detached, and townhouses, selling only 97 units, a 88% decrease from 2021 and the 10-year average.
Sales were so bad that it marked the first time that monthly sales of new single-family homes had dipped below 100 units sold since the Altus Group began tracking in 2000.
On the other hand, sales of new condominium apartments, including high-rise buildings, stacked townhouses, and loft units, were up 5% from July 2021 and 3% above the 10-year average.
"New condominium apartment sales posted a robust July, buoyed by buyer resiliency and stable prices," Edward Jegg, Research Manager at Altus Group, said. "In contrast, new single-family sales posted a record low in the face of slowing demand and a shortage of inventory."
The conditions are unwelcoming for future homebuyers who will need to fork over a benchmark price of $1,191,716, up 9.2 cents from last year, for a new condo and $1,933,912, up 27.4%, for a single-family home.
"We have a monumental challenge ahead of us: to build the 1.5 million new homes Ontario needs to address the housing crisis, which is centred on the GTA," Dave Wilkes, BILD President & CEO, concludes.
A recent survey by real estate company Royal LePage also revealed that a whopping 25% of non-home-owning millennials now believe they will never own one.
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