June real estate sales has brought York Region and the Greater Toronto Area to a whole new high.
Recently, the Building Industry and Land Development Association (BILD) described how condominium apartments — including units in low-, medium- and high-rise buildings, stacked townhouses and loft units — accounted for 2,775 new home sales in June for the GTA, which was 13 per cent above the 10-year average.
Sales of new single-family homes — including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) — with 1,085 units sold in June, were 14 per cent below the 10-year average.
Typically, Vaughan, Markham and Richmond Hill tend to top York Region’s sales charts, especially when it comes to year-end real estate sales. This June, however, other municipalities came to the fore.
While Vaughan topped the list this June when it saw 334 condo sales versus 37 units in the same month last year, Newmarket came second at 67 condo units sales compared to 7 sold in June 2020. Third was Richmond Hill at 57 units sold this June compared to 31 last June.
This June, Whitchurch-Stouffville saw the sale of 85 single-family homes and East Gwillimbury saw 84, compared to 28 and 87 sold in June 2020 respectively.
Georgina also saw a year-over-year increase, with 70 single homes sold this June compared to 45 last year.
Whereas Vaughan sold 72, down from 147 in June 2020.
The monthly sales for the single-family homes for the first half of 2021 had Markham coming first with 753 homes sold. The other municipalities ranked in sales order are Richmond Hill at 718, East Gwillimbury at 554, Vaughan 548, Georgina 218, Whitchurch-Stouffville 209, Aurora 113, Newmarket 52 and King at 18.
For condos, Vaughan saw the sale of 1987 units between January and June, while Markham saw 611, Richmond Hill 227, Newmarket 123, Whitchurch-Stouffville 46 and Georgina 18.
King, East Gwillimbury and Aurora had no condo sales.
BILD’s figures also show how new home sales in the GTA year-to-date is up 25 per cent over the 10-year average.
The total number of new homes sold through the first six months of 2021 was a whopping 24,060, according to Altus Group, BILD’s official source for new home market intelligence. Total June new home sales — with 3,860 units sold — were 4 per cent above the 10-year average.
The benchmark price for new condominium apartments in June was $1,058,366, which was up 5.9 per cent over the last 12 months. The benchmark price for new single-family homes was $1,405,597, which was up 23.1 per cent over the last 12 months.
Total new home remaining inventory was 11,451 units in June. Remaining inventory includes units in preconstruction projects, projects currently under construction, and completed buildings.
“The new home market has been a key driver of economic activity through the pandemic, providing jobs and homes for the residents of the GTA,” said Dave Wilkes, BILD president and CEO.
“Dipping inventory levels, particularly on the condo side, continue to remind us that the current affordability challenges facing the GTA housing market are driven by a lack of supply,” he added. “Governments at all levels need to take action on removing barriers to getting new housing built.”