THE HIGHS AND LOWS OF GTA NEW HOME AND CONDO SALES IN 2021
The Altus Group statistics for GTA new home and condominium sales in 2021 are in, and in total, they were 27 per cent above the 10-year average and the second highest on record after 2002! Condominium sales were especially strong at 40 per cent above the 10-year average, and just a few units short of the all-time record set in 2017. In addition, December saw the second highest number of sales of condos for that month since 2016. Even new home sales were four per cent above the 10-year average.
The “low” was the fact that inventory hit a new low at a time when we need MORE new choices, not fewer. Demand outpacing supply continues to be a chronic obstacle to keeping prices in check. In December 2021, benchmark prices hit new records of $1,163,924 for condos and $1,829,693 for low-rise. In a market that should see nine to 12 months of inventory, we had just over 2 months of available choices.
Provincial and municipal elections are coming up this year, and housing should take a front seat to issues that determine votes. We need to see more input by governments in the form of streamlining the approvals process and lowering exorbitant development charges.
These sales show that people still want new homes and condominiums, and it will take more than a pandemic to keep us down. https://bit.ly/3L1pfxx