New single-family home sales in August increase by 355 per cent

According to numbers released on Tuesday, the coronavirus pandemic and low mortgage rates played out successfully for Toronto’s new construction home market.

August single-family homes went up 355 per cent, outstripping the gains of condos, which went up 159 per cent. 

Although the price of newly built and pre-construction homes went down compared to July, condos still sold for 15.7 per cent more year over year at $972,859, and single-family homes were up eight per cent annually to $1.17 million.

David Wilkes, CEO of the Building Industry and Land Development Association, said: “The spring sales that didn’t happen because of the pandemic are happening now and are being added on to the sales that would usually occur at this time of year.”

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