The number of new condo apartments sold across the Toronto region last month was enough to shatter a 20-year sales record, according to the latest figures posted by Building Industry and Land Development Association (BILD) and Altus Group.
In April, 3,619 new condo apartments — including units in low-, mid- and high-rise buildings, stacked townhouses and loft units — were sold in the Greater Toronto Area. Altus Group, BILD’s data partner, determined that this was the highest number of new condominiums sold during April since 2000, marking a 69 percent improvement over the 10-year average.
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The majority of last month’s new condo sales occurred in Toronto, which accounted for 1,390 transactions, followed by York with 960 and Peel with 790.
The benchmark price for a new condo dropped to $1,058,432 in April compared to the previous month, although it was up 7.5 percent over the past 12 months, the report noted.
The number of available new construction homes also accelerated last month as remaining inventory jumped to 12,571 units. This accounts for homes within projects that are in the pre-construction, construction and completion phases.
“The record number of new condominium apartment sales for April was boosted by a high number of recent launches of product spread throughout the GTA – about two-thirds of April sales were in projects opened in April,” said Ryan Wyse, Manager of Analytics, Data Solutions at Altus Group, in the report.
“The rapid price increase for new single-family homes since last summer is also a factor, as price sensitive buyers shift their expectations to product they can afford,” he added.
New single-family home sales dipped below the 10-year average by 26 percent, with 1,020 detached, linked, and semi-detached houses and townhouses sold last month, excluding stacked townhouses. The benchmark price for a new single-family residence also slipped in April compared to the previous month, down to $1,395,190 but still up 24.8 percent over the past 12 months.
“We are continuing to see unprecedented activity in the GTA market,” said BILD President and CEO Dave Wilkes in the report. “The robust demand testifies to the continued attractiveness of the GTA as a place to call home.”
“We must double down on our efforts to build enough supply to keep the market balanced and provide homes for the more than four million additional people who will call the GTA home by 2051,” he added.