The Altus Group statistics for new home and condo sales across the Greater Toronto Area show that the pandemic slowdown is a thing of the past. In fact, we had the strongest July for new home sales (single-detached and condominium) since 2007! The sales of new condominiums were 19 per cent above the 10-year average. In addition, the benchmark price for new condos was $993,811 – up 18 per cent over the previous 12 months.
News on the low-rise front was equally as exciting. Sales jumped 36 per cent over last July – the highest July since 2009 – and 40 per cent above the 10-year average.
These numbers are wonderful news on all counts. Home sales are one of the key indicators of economic health. As the pandemic situation has eased, more projects that were previously put on hold were opened, and obviously we had a huge pent-up demand. Remember, too, that Toronto and the Greater Toronto Area remain among the most coveted residential destinations in the world. We will see an array of new condominiums opening this fall, so if you have been looking, NOW is the time to act!