YEAR-TO-DATE GTA NEW HOME SALES AT THE END OF JUNE UP 25 PER CENT OVER 10-YEAR AVERAGE!
Altus Group has released the statistics for new home and condo sales across the GTA in June, and the news is great. If you look at the number of new home sales for the first half of the year, which was 24,060, they were 25 per cent above the 10-year average. Total June sales were 3,860, which was 4 per cent above the 10-year average. Condominium sales reached 2,775 in June, which was 13 per cent above the 10-year average, and low-rise sales were 1,085, or 14 per cent above the 10-year average.
Interestingly, we still face demand that exceeds supply. This is largely why the benchmark prices for new homes and condos are up. In June, it was $1,058,366 for condos, up 5.9 per cent over the last 12 months; and for new single-family homes was $1,405,597, up 23.1 per cent over the last 12 months.
Developers and builders are doing their best to keep up. They provide a substantial amount of economic activity in the GTA. The future may bring new challenges, such as rises in both demand once immigrants flood back into Canada, and interest rates. We need our governments to step up and make it easier to get new homes and condos built. You can read the news release at https://bit.ly/370F1WD