The price of new construction homes in the Toronto region moderated slightly in January compared to December, as condo sales hit a record high while the supply of single-family houses continued to dwindle.

The benchmark price of a single-family home soared 30 per cent year over year last month to $1.77 million — but was down nearly $60,000 from December’s benchmark, according to the homebuilders’ association.

The 579 townhomes, semi-detached and detached houses that sold last month was a 67 per cent annual decline from January 2021, and 33 per cent beneath the 10-year average, the Building Industry and Land Development Association (BILD) reported on Thursday.

Meantime, the launch of nine new condo projects saw those sales hit a January record of 2,274 highrise, midrise and stacked townhouse units — more than double the 10-year average and 232 per cent above sales in the same month last year.

The benchmark price for a new construction condo climbed about 13 per cent year-over-year to $1.15 million, about $33,000 below December’s benchmark, said the report.

There were only 550 single-family homes on the market at the end of last month in the pre-construction, under-construction and newly built stages. That was about 10 per cent below pre-pandemic levels and well below the 15,000 houses per month that were typical of the 2000-2009 decade.

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