The market for newly-built low-rise homes in the Greater Toronto Area collapsed in May compared to a year earlier.
Altus Group figures show a 76 per cent drop year-over-year with 545 sales, 68 per cent below the 10-year average. There was also a 12 per cent drop for new high-rise homes to 3,357 sales but this was up 61 per cent from the 10-year average.
Overall, there were 3,902 newly-built homes in the GTA in May, down 36 per cent year-over-year but 4 per cent above the 10-year average.
Year-to-date sales showed activity for high-rise units with 17,200 sales, up 58 per cent from a year earlier and 99 per cent above the 10-year average. Low-rise remained subdued at 5,614 sales, down 42 per cent from the same period of 2016 and 24 per cent below the 10-year average.
Overall year-to-date sales were 22,814, up 11 per cent year-over-year and exceeding the 10-year average by 42 per cent.
More market update: