Posted July 31, 2019 07:00
June brought a strong profit to the new home market in the Toronto metropolitan area according to the Association of Construction and Land Development Industry (BILD). Its official data source, the Altus Group, reported that 932 new single-family homes were sold, 127% more compared to last year, but still 30% below the average of the last 10 years. For condominiums, there was a more modest increase of 14% since June 2018, with 2,420 units sold only 5% below the 10-year average. Sales of new condominium apartment units returned at a more sustainable, but still solid, pace in June, after exceptional performances in both April and May, said Patricia Arsenault, executive vice president of Altus Group, Data Solutions. Prices diverged with the benchmark for newly built condos up to 3.9% at $ 804,591; while for single-family homes it decreased 3% to $ 1,098,948. And the inventory rose slightly to 14,377 condos and 4,685 single-family homes. So far this year, new home sales increased 43% in the same period of 2018 with 17,127 sales. It is encouraging to see the pace of the new domestic market in the GTA so far this year, said David Wilkes, President and CEO of BILD. “We hope that with the policy changes introduced by the provincial government with Bill 108, and the recent steps taken by the Toronto City Council to expand housing options in Toronto, we will see more transit-oriented housing built faster, to a price that will allow more potential homebuyers to enter from the barrier. " Would you like to know more about the new home market in Toronto and the GTA? Contact me and I will offer you the best advice!