Toronto Homes Are Selling At Their Lowest Rates Since The 2000s But Prices Are Still Rising

Single-family homes took a big hit.

Homes in Toronto. Right: The CN Tower

Homes in Toronto. Right: The CN Tower

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.

Patrick John Gilson
Patrick John Gilson was a Creator with Narcity Media focused on Ontario gas prices and is based in Toronto, Ontario.