By Altus Group | March 30, 2021

GTA new home sales update – February 2021

GTA new home sales continued strong in February, though below the record-setting pre-pandemic performance of February 2020.  Total February new home sales, with 3,240 units sold, were 9% above the 10-year average but 34% below February 2020.

“We need to be careful when comparing February of this year to the exceptionally busy month of February 2020, just before the pandemic hit,” said Dave Wilkes, BILD President & CEO. “We are talking about completely different sets of circumstances. The fact is that February 2021 was a solid month when compared with the 10-year average.”

Sales of new single-family homes, including detached, linked, and semi-detached houses and townhouses (excluding stacked townhouses), with 1,617 units sold, were down 30% from last February, but 20% above the 10-year average.

Condominium apartments, including units in low, medium and high-rise buildings, stacked townhouses and loft units, accounted for 1,623 new home sales in February, down 38% from February 2020 and even with the 10-year average.

“Sales in the new condominium apartment sector in the GTA returned to a more typical level in February,” said Ryan Wyse, Altus Group’s Manager, Analytics, Data Solutions. “With additional new supply on the horizon, the spring market will likely yield its usual increase in activity; however, economic challenges related to the pandemic remain and will continue to provide some obstacles in the near term.”

Read more findings from our market data in BILD’s monthly new home market data release.

 

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