STATISTICS SHOW STRONG FEBRUARY SALES FOR THE GTA
According to Altus Group, February 2022 new home sales in the GTA were strong, with overall sales being 17 per cent above the 10-year average (https://bit.ly/3JFsOIG). Condominiums did especially well, with sales up 78 per cent from February 2021 and 67 per cent above the 10-uear average. In fact, the 3,048 units sold set a new monthly high record for condos for the month of February! New single-family home sales were down, but of course, lack of supply is the major reason why. Benchmark prices for both low-rise and high-rise were up over the last 12 months, reaching $1,858,713 for single-family and $1,177,739 for condos. These were new record highs for February.
Demand outstripping supply continues to create an affordability problem in Toronto and across the GTA. Our governments have announced steps to act in a positive way to address the housing supply. Now, they have to walk the talk. There is only so much the market will take when it comes to new home and condo prices. Even in the face of these record-breaking numbers, people are still buying new. It is a tribute to the benefits of owning a home with warranty coverage and built to today’s advanced construction techniques and environmental sustainability features. My ongoing advice is still pertinent: BUY NEW AND BUY NOW!