GTA New Condo Sales "Very Encouraging" Says Altus Group
Tuesday Jun 26th, 2018Share
Sales of newly-built condos in the Greater Toronto Area totalled 2,003 in May, accounting for the bulk of the 2,345 total new home sales.
While condo sales were 47% below May 2017’s record high, they were just 1% behind the 10-year average for May.
“May new condominium apartment sales were very encouraging,” noted Patricia Arsenault, Altus Group’s Executive Vice-President, Research Consulting Services. “Not only was it the strongest month since last November, but the sales of 2,003 units are impressive in historical terms: there have only been five other years where May new condominium apartment sales topped this year’s performance.”
The figures are part of a report from the Building Industry and Land Development Association (BILD), which also reveals a 25.4% year-over-year rise in the benchmark price for new condominium apartments in low, medium and high-rise buildings, stacked townhouses and loft units ($758,370).
Inventory is down to 9,345 as only five developments, totalling 710 units, opened in May.