While home prices continued to slump across most GTA property types in May, the new construction market was the exception. The benchmark price of a new condo jumped 25.4 per cent year-over-year to $758,370.
Can the market keep up its strong performance heading into the summer? According to Bullpen Research & Consulting president Ben Myers, there’s no denying that there’s a strong demand for new condo units in the GTA.
“The [GTA] new construction market has seen rapid price growth,” he tells Livabl, in a recent video interview. “Pricing is now above $1,000 per-square-foot in many of the downtown condo projects.”
Housing Market News Alerts
Sign up for news alerts on the Toronto housing market
But Myers also says that real estate investors could start to experience some fatigue in the coming months.
“The one thing we’re seeing this year is a little bit of investor fatigue, they’re being a little more careful and not buying up every single unit in every single project that’s available,” says Myers. “I think developers are going to be a little more cautious going into the fall market.”
For more expert predictions on what the next quarter has instore for the new construction market, check out the video above.