New home sales in the Greater Toronto Area are off to a strong start in January as low inventory levels persist, according to Altus Group and the Building Industry and Land Development Association.
A total of 2,853 residential transactions were closed in the GTA last month, which were 18% higher on an annual basis and 47% above the region’s 10-year average. This level represented a 19-year high in number of new homes sold in the region in January, Altus said.
Condo activity particularly surged, with 2,274 sales representing a 113% advantage over the 10-year average for the asset class. Meanwhile, single-family home sales clocked in at 579 transactions, down 33% from the 10-year average.
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