New construction home sales hit the lowest number for April in over 20 years, says the association that represents home builders.Newly built single-family home prices dropped 5 per cent year over year to $1.15 million, down from about $1.2 million in March. But the benchmark price for condos continued to rise — 29.8 per cent year over year to $739,965, but down month over month from $742,801.There were 65 per cent fewer houses and condos sold last month compared to April 2017. That put the sales of single-family homes — detached, semi-detached and townhouses — 70 per cent below the 10-year average. Condos were 38 per cent below that average, according to the Building and Land Development Association (BILD).Although new home data by Altus Group goes back only as far as 2000, BILD said previous data shows 1995-1996 was the last time April sales were as low as the 1,727 last month. The new construction home industry is being affected by many of the same factors that have led to a sluggish 2018 in re-sale real estate in the Toronto area, said BILD CEO David Wilkes.Part of the slowdown is seasonal, he said. There is a lull in the housing market compounded by interventions from government and new mortgage stress test rules introduced by Canada’s banking regulator.Read more: CRA finds nearly $600 million in unpaid taxes in B.C. and Ontario real estate sectorOREA isn’t backing down from its lack of affordability message in Toronto and HamiltonToronto-area millennials want their own backyards, report says“Part of it is cyclical. We often see a slowdown in late winter or early spring before the spring market picks up … As you’re seeing in other components of the housing market, we’re in a bit of a pause right now,” said Wilkes. “People are reassessing and part of that reassessment, no doubt, stems from the affordability issue we need to address within the GTA.” But the fundamentals of the market haven ...
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