Toronto New Build Home Prices Rise Thanks to Incredibly Strong Condo Market

Toronto New build home sales in the GTA are up, thanks to extremely strong new condominium sales.

New Data released by Altus Group* via the Building Industry and Land Development Association (BILD), shows a total of 1,362 new homes sold in January 2019. This number is up by 14 per cent compared to January of 2018. The home type that assisted most in this rising statistic was both the volume and price of new condo sales.

While sales of new single family homes remained a substantial 53 per cent lower than the 10 year average, new condominium sales only showed to be trailing its 10 year average by a mere five per cent. In addition to this strong volume of sales, data compiled over the last 12 month period showed that the average ‘benchmark’ price of a new condominium rose by 12.5 per cent, up to $803,638. In contrast, the ‘benchmark’ price of single family homes slightly dropped by 8.1 per cent to just over $1.1 million.*

Why Did New Build Prices Rise?

The strong rise in new home sales can be attributed to the overall well performance of the market in January, combined with very little new product entering the market this past month.

Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions remarked “The improvement in new home sales over last January is consistent with our outlook for somewhat higher annual sales in the GTA this year, following the drop in 2018.”

 

Looking to buy a new condominium or home? Contact ReaLawState today for a free consultation.

 

 

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*Single Family Homes includes detached, linked, and semi-detached houses and townhouses, but excludes stacked townhouses.

Data provded by Altus Group and BILD and has not been independently verified by ReaLawState. ReaLawState makes no claims or warranties against the data in this article.

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By |2019-02-28T11:22:32-04:00February 26th, 2019|All Posts, Toronto Market|0 Comments

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