September New Home Sales Figures Impressive

The new home real estate story in the GTA just keeps getting better. Altus Group statistics for September are in, and condo sales were the third highest for that month since that firm began tracking in 2000! Condo sales were also 27 per cent above the 10-year average. Low-rise sales dipped a bit from that average, but overall, new home/condo sales were 16 per cent above the 10-year average. Keep in mind that the supply of low-rise homes was still limited, while numerous new condominiums opened in September to vigorous sales.

And let’s talk prices. The benchmark price for new single-family homes reached yet another record high of $1,573,764, and the benchmark for new condos was $1,036,831, a bit lower than in August, but still up 2 per cent over the last 12 months.

With new homes and condos being snapped up by the market, it is obvious that we need more. Government can help a lot by easing the restrictions for approvals across the board. The GTA will become home to 4 million more people by 2051, and they have to live somewhere. Here’s hoping for a time when our supply will actually meet or exceed demand!

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