APRIL GTA CONDO SALES STATS SET A RECORD!
According to the most recent statistics from Altus Group, in April, the new home construction industry saw another strong month in sales overall in the GTA. Condo sales ranked the highest since that month in 2000, and sales were 69 per cent above the 10-year average! What is even more interesting is that most of these condo sales were at communities that were launched that month. Talk about pent-up demand! In addition, the benchmark prices for new condos in April decreased a bit from March, to $1,058,432, but that is up 7.5 per cent over the previous 12 months. The demand for condos continues to be robust.
Sales of new low-rise homes lagged in April, but there is always pent-up demand for those as well. The benchmark price for new single-family homes, although lower than in March, was $1,395,190 – still up 24.8 per cent over the last 12 months. We continue to experience a demand-exceeds-supply scenario in both the high- and low-rise markets.
Why these vigorous sales in the face of the ongoing pandemic? Let’s face it: Toronto and the GTA are wonderful places to enjoy life, as well as the return-on-investment from ownership. BUY NOW before immigration opens fully again and there is even more competition to own new homes and condos here.