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The Toronto housing market is experiencing a surge in single-family home sales, driven by new tax breaks for developers. In April, sales reached 901, more than triple the number from the previous year. However, the condo market remains sluggish, with sales significantly below the 10-year average despite a slight increase from last year.
- ▪There were 901 single-family home sales in the Toronto region in April, more than triple the number from a year prior.
- ▪The increase in sales is attributed to new tax breaks for developers, allowing them to pass savings onto buyers.
- ▪Only 199 condos sold in the Toronto area in April, which is down 88 percent from the 10-year rolling average.
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Open this photo in gallery:There were 901 single-family home sales in the Toronto region in April, more than triple the number from a year prior.Carlos Osorio/ReutersShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountWider tax breaks on newly built homes in Ontario are driving sales in Toronto’s beleaguered market, according to new data from Altus Group.There were 901 single-family home sales in the Toronto region in April, more than triple the number from the same period a year prior, and 21 per cent higher than the 10-year rolling average. “The market is responding heavily in single family homes at the moment,” said Justin Sherwood, chief operating officer at the Building Industry and Land Development Association, which published the data.
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