There were some improvements in the new housing market in the Toronto Metropolitan Area in April, as sales increased by 123% compared to last year.
The Construction Industry and Territorial Development Association (BILD) reports that figures from its official data source, Altus Group, reveal that 3,853 new homes were sold in the GTA during the month. Of those sales, 800 were single-family homes. This is a significant jump compared to the 443 sold in April 2018, but it is still 50% below the average of the last 10 years.
For condominium departments, there were 3,053 sales; up to 137% compared to last year and 37% above the 10 year average.
“Both builders and buyers improved their strategy in the new condominium apartment market in April,” said Patricia Arsenault, executive vice president of Altus Group, Data Solutions. “The number of units in the new projects launched and the amount of sales were well above the average of April of the last 10 years. While it’s still too early to say that the market is on the rise, the best performance in April is encouraging.”
In addition, there was a slight moderation in the reference prices for groups of single-family apartments and condominiums compared to March.
The reference price for new single-family homes was $ 1,119,772, up 0.3% year-on-year, while the reference price for new apartments in condominium was $ 758,585, 2.5% more year-on-year.
“In the last two months, sales of new homes and condominiums in the GTA have been more solid after a sub-stop in April 2018,” said David Wilkes, President and CEO of BILD. “It seems that there is a resilience in the market as new home buyers are being left out.”
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