Homebuilders’ association says that despite the lowest October sales since 2008, there are signs that interest rate shocks may be stabilizing
There are signs that the interest rate shock to new construction home sales may already be abating slightly in the Toronto region despite record lows for the month of October, according to the homebuilders’ association.
October sales of pre-construction and newly built houses and condos was down 53 per cent year over year — the lowest for that month since 2008, the Building Industry and Land Development Association reported on Tuesday.when only 334 houses and condos sold.“As we see the escalation of interest rates potentially come to a conclusion, the market is adjusting to that,” said BILD CEO David Wilkes.“The market is looking for stability in monetary policy and interest rates.
Single family homes — towns, semi-detached and detached houses — saw 65 per cent fewer sales than October 2021 — the fewest in that category since 2000. Condo sales declined 50 per cent year over year.The benchmark price of a new condo rose nine per cent to $1.15 million year over year, down from about $1.16 million in September. Single-family home prices also saw 9.6 per cent growth annually in October to $1.81 million, down from about $1.85 million in September.
The price moderation was largely a result of the housing projects that launched during the October sales period, said Ed Jegg of Altus Group, which tracks new construction home sales and prices. Among the 485 single-family homes that sold, seven of the 19 projects were townhome offerings, which sell for less.
There were seven new highrise launches offering 1,235 units for sale, said Jegg. Four of those were outside Toronto, where traditionally prices are lower than downtown and two of the Toronto projects were weighted to smaller, less expensive condos.
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