New home sales in the Greater Toronto Area (GTA) spiked in June compared to the same time last year, and yet, were still significantly below the 10-year average for the region.

New data from the Building Industry and Land Development Association (BILD) and Altus Group revealed a total of 2,526 new home sales in June, up 32% from June 2022 but 30% below the 10-year average.

The most affordable market segment — condominium apartments — dominated sales, accounting for 1,957 of June’s transactions, up 11% from June 2022 and down a smaller 21% from the 10-year average.

Even still, single-family home sales saw a much more staggering 256% increase from June 2022 with a total of 569 sales last month. This, however, was still down 49% from the 10-year average.