Sales of new homes in the GTA slowed in July as prices held steady, according to new data released by the Building Industry and Land Development Association (BILD).

In July 2018, there were a total of 1,071 new homes sold, a decline of 44 per cent compared to July 2017 and 55 per cent below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence. July 2018 also saw sales of new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units fall 52 per cent year-over-year to 855 units, which is 40 per cent below the 10-year average.

Sales of new single-family homes, including detached, linked and semi-detached houses and townhouses (excluding stacked townhouses) climbed 85 per cent from July 2017 to 216 units sold. However, this figure remained 77 per cent below the 10-year average.

The benchmark price of new condominium apartments was $774,759, an increase of 16.5 per cent compared to last July, which is virtually unchanged compared to last month. The benchmark price of new single-family homes was $1,142,574, a decline of 13.2 per cent on an annual basis and just 0.85 per cent above last month’s benchmark price.

“New home sales in the GTA typically take a breather in the summer months compared to the spring,” said Patricia Arsenault, Altus Group’s executive vice-president, data solutions, in a press release. “This July was no exception, although minimal new project launches in July, along with declining affordability of new condominium apartments due to recent price escalation, amplified the June-to-July decline in sales somewhat this year.”

Since only two projects opened in July, the total remaining new home inventory fell to 14,784 units, comprised of 9,931 condo apartment units and 4,853 single-family units. Remaining inventory includes units in preconstruction projects, in projects that are currently under construction, and in completed buildings.

“We are still seeing a shortfall in condo apartment inventory,” said David Wilkes, BILD president and CEO. “Given the current pace of sales, we should have nine to 12 months’ worth of inventory, but we only have five. We expect that more condo apartment product will become available in the fall.”