TORONTO, May 24, 2023 (GLOBE NEWSWIRE) — Greater Toronto Area, May 24, 2023 – The GTA market for new homes recovered in April and sales returned to more traditional levels, the Construction Industry and Property Development Association (BILD) announced today.

2,391 new homes were sold in April, down 35 percent from April 2022 and 30 percent below the 10-year average, according to Altus Group*, BILD’s official source of information on the new home market.

Condominiums, which include low-rise, mid-rise and high-rise units, townhouses and loft units, accounted for 1,327 units sold in April, down 57 percent from April 2022 and 39 percent below the 10-year average.

April saw 1,064 single-family home sales, up 81 percent from April 2022 and 16 percent below the 10-year average. Single family homes include single family homes, townhouses, semi-detached homes and townhouses (excluding townhomes).

“GTA homebuyers returned to the market leading to higher new home sales,” said Edward Jegg, research manager at Altus Group. “Fundamentals pointed to a rebound in April and that strength is expected to continue into the spring market.”

The total inventory of new homes was 14,928 units, up slightly from the previous month. It included 13,588 condos and 1,340 single-family homes, representing approximately 12 and 4 months of inventory, respectively, based on average trailing 12-month sales. The remaining inventory includes units in pre-construction projects, in projects currently under construction and in completed buildings. Although inventories have converged towards the balanced market requirement of 9-12 months of inventory, it is still too early to assume that the required inventory levels have resulted in a sustained balanced market.

The reference price for new single-family homes fell to $1,768,456 in April compared to the previous month, down 1.1 percent over the trailing 12 months. The Benchmark…