Monday 21 October 2013

Toronto's New Housing Market Still Underperforming

New home sales in Toronto have rebounded this past September but are still significantly below the long term average.

Specifically, total new home sales were up 4.4% from Sept 2012, but down 22.1% from the 10 year average. Year to date total new home sales are down 25.7% compared to a year before. Third quarter sales were down 13.8% from Q3 2012 and down 33.2% from the 10 year average.

Third quarter high rise sales were down 13.8% from a year before and were ~32% from the 10 year average.

Overall it seems that new home sales have stopped free falling and reached bottom.

Real net new home price index results were as follows:

New low rise prices were up 5.7% this past September from a year earlier.
New high rise prices were down 1.5% this past September from a year earlier.

New home sales graph 1991-2013 below



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