MARCH GTA NEW HOME-CONDO SALES STRONG
Altus Group statistics for new home and condominium sales across the Greater Toronto Area show that we enjoyed a very strong March – substantially above last year and above the 10-year average. Of particular interest, condo sales were up 11 per cent over last year and 42 per cent above the 10-year average. As spring approached, we saw a lot of product launches where openings were extremely successful. As a matter of fact, March condo sales were the second highest since 2000! Sales of single-family homes were up 75 per cent from last March and 27 per cent above the 10-year average. All of this bodes well for people’s confidence in the market.
And let’s talk benchmark prices. New single-family homes rose to $1,443,638, up 29.4 per cent over the last 12 months. For new condominiums, the benchmark was $1,064,317, up 8.3 per cent over the last 12 months. Of course, these sales mean that remaining inventory decreased, and we are still in a market where demand exceeds supply for both low- and high-rise. This translates to rising prices once again.
The pandemic has posed its challenges, but developers and builders have responded with safe and innovative ways to sell homes. This is good news, as obviously the demand for new homes in the GTA is continuing. If you have intentions of buying, my advice is, as always, BUY NEW AND BUY NOW!