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GTA New Home Market Returning to 'More Traditional Levels'

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New data from BILD and Altus Group reveals that April's new home sales in the GTA nearly doubled from the number seen in March, pointing to a rebound that's expected to continue through the spring market. bildgta | altusgroup | realestatenews

“GTA homebuyers returned to the market driving new home sales higher,” said Edward Jegg, Research Manager with Altus Group. “The fundamentals had pointed to a rebound in April and that strength is expected to continue through the spring market.”

Single-family home sales, on the other hand, saw an 81% jump compared to the same time last year, totalling 1,064, which is just 16% below the 10-year average. “Although inventory numbers have moved closer to balanced market requirements of 9-12 months of inventory, it is too early to suggest required inventory levels have resulted in a sustained balanced market,” the BILD report reads.

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Homebuyers have finally returned to the newly built housing marketGTA homebuilders say sales are starting to bounce back after interest rate hikes put the industry on pause for most of the past year.
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