New home sales in the GTA hit a low last year, nearly 30% below the ten-year average. bildgta | realestate realestatenews GTA housing housingmarket
The climate of erratic prices and soaring interest rates that beset the Greater Toronto Area housing market in 2022 resulted in the lowest level of new home sales the region has seen in four years., just 25,400 new homes were sold across the GTA last year, the lowest level since 2018. The figure, courtesy of data from Altus Group, is 29% below the 10-year average.
With 20,917 units sold in 2022, sales of condominium apartments — units in low, medium, and high-rise buildings, stacked townhouses, and loft units — were 12% below the 10-year average. After four and five months of decline, respectively, the benchmark price for new single-family homes and new condominium apartments rose month-over-month in December. Ending the year at $1,753,356, single-family home prices were down 4.2% annually, while condo apartments, at $1,131,614, were down 2.8% from a year ago.
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