Despite overall home sales volume in the GTA noticeably increasing by 14% year-over-year in January, single-family transactions suffered considerable weakness, according to the Building Industry and Land Development Association.
Transactions involving the asset class ended up 53% lower than the 10-year average.
On the other hand, new condo apartments had a considerably better performance, with sales being only 5% lower than the 10-year average.
The trend was also apparent in price levels. Single-family homes experienced an 8.1% annual decline in their benchmark value in January, down to $1,130,046.
Meanwhile, GTA condo unit sales values grew by 12.5% during the same time frame, up to $803,638.
Read more: Ontario accounts for much of Canada’s home price growth
BILD president and CEO David Wilkes said that on the whole, the market’s January numbers were still a very welcome change.
“It looks like the market is starting to return to typical levels after a particularly difficult year,” Wilkes explained. “With the spring budget coming up, we are calling on the federal government to take steps to make it easier for first-time home buyers to get into the housing market.”
“The improvement in new home sales over last January is consistent with our outlook for somewhat higher annual sales in the GTA this year, following the drop in 2018.” Altus Group executive vice president of data solutions Patricia Arsenault added.
The activity ate into the region’s remaining inventory, which is comprised of preconstruction projects, units currently under construction, and completed buildings. Supply went down to 15,530 residences, broken down into 5,166 single-family properties and 10,364 condo apartment units.