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Tue Sep 29, 2020, 09:15 AM

Toronto area new single-family home sales soar 355 per cent in August

New single-family home sales soar 355 per cent in August

By Tess Kalinowski Real Estate Reporter
Tue., Sept. 29, 2020 2 min. read

The pandemic and record low mortgage rates have played out in a blockbuster summer for the Toronto region’s new construction home market, according to numbers released by the building industry on Tuesday.

August sales of single family homes – a category that includes detached, semi-detached, link and town houses (stacked town homes excluded) – soared 355 per cent year over year in August, outstripping the gains of condos, which also saw a 159 per cent year over year boost in sales last month.

Although the benchmark price of newly built and pre-construction homes dipped slightly compared to July, condos still sold for 15.7 per cent more year over year at $972,859, and single-family homes were up eight per cent annually to $1.17 million.

“We have seen spring push into summer,” said David Wilkes, CEO of the Building Industry and Land Development Association (BILD). “The spring sales that didn’t happen because of the pandemic are happening now and are being added on to the sales that would usually occur at this time of year.”

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