Photo: James Bombales
High-end developments drove up asking prices of new condos in the Greater Toronto Area this June.
The benchmark price of a new GTA condo for sale last month was $804,591, an increase of 3.9 per cent in 12 months, according to the Building Industry and Land Development Association (BILD), which released new numbers from research firm Altus Group today.
Meantime, new condo sales climbed 14 percent over the same period, totalling 2,420 units in low-, medium- and high-rise buildings, including lofts and stacked townhouses.
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“Sales of new condominium apartment units returned to a more sustainable, but still solid, pace in June, after exceptional performances in both April and May,” says Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions.
In terms of the uptick in asking prices, Arsenault attributes part of the increase to the types of units that were available for purchase across the GTA in June.
Specifically, she says multiple higher-end developments began the sales phase last month.
Among these projects was Empire Communities’ Maven Condos. According to data from BuzzBuzzHome, Livabl’s parent company, prices for available units at the boutique seven-storey building range from $895,000 to over $3,975,000.
That puts units well above the average for new as well as resale units, as the average selling price for the latter was $590,274 in June, up 5.2 percent annually, according to the Toronto Real Estate Board.
While the new condo market has seen multi-month increases in pricing, the single-family home segment experienced declines in June.
The benchmark asking price for new single-family home in the GTA was $1,098,948 last month, down 3 percent from the same time a year ago.
Sales, however, more than doubled the total from June 2018. Transactions soared 127 percent on a year-over-year basis, with buyers snapping up 932 new single-family homes this past month.