GTA STATISTICS FOR MAY SHOW STRONG SALES
The Altus Group statistics for May 2021 are in, and total sales in the GTA were 5 per cent above the 10-year average. Condominium sales alone were 10 per cent over that same average. So much for the naysayers who say things in the new condo market are slowing down! We have had numerous openings so far this year, and the public is still responding with enthusiasm. Yes, sales of new single-family homes were down 3 per cent below the 10-year average but remember that supply is dwindling there. In fact, low inventory levels were reported across the board, and as immigration opens up again, we will see even more supply vs. demand issues.
Who could have predicted that we would experience a pandemic that would throw our lives into turmoil? One thing always remains the same, however: people have to live somewhere, and there is always a market for new homes and condominiums, even as prices continue to rise. The May statistics showed that the benchmark price for new condos was up 8 per cent over the previous 12 months, and for new single-family homes, 24 per cent over that same time period. The sooner you get into home ownership, the sooner you can earn equity on your lifestyle and/or financial investment.