The sales momentum seen in May for new-build homes across the GTA has been threatened by the, according to a report from the Building Industry and Land Development Association.
May numbers showed the first year-over-year increase in new home sales in more than a year, at 3,109, up 22 per cent from last May, but still 10 per cent below the 10-year average. That includes 1,133 single-family home sales, up 123 per cent from last May and three per cent below the 10-year average.
The total new home inventory for May — including completed buildings, pre-construction and under construction — was 15,346 units, about 13 months worth.
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