![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2020\/04\/condo_cosntruction.jpg\")
<\/a><\/p>\nPhoto: James Bombales<\/em><\/p>\n Even as COVID-19 was taking hold in Canada, Toronto\u2019s new construction condo market posted above-average sales activity in March.<\/p>\n According to data released today<\/a> by the Building Industry and Land Development Association (BILD), sourced from Altus Group, new construction condo sales were up 108 percent from March 2019 and 30 percent higher than the 10-year average for the month. A total of 2,840 new condo units sold in March, the second-strongest sales figure recorded in March in the last 20 years. Only in March 2017 did the market deliver a stronger sales figure.<\/p>\n Across all housing types, there were 3,730 new construction sales in March 2020, a 67 percent year-over-year increase and seven percent above the 10-year average. The majority of these sales took place in Toronto, which saw a combined total of 1,870 condo and single-family unit sales. York and Peel Regions followed behind, selling a total of 762 and 577 new homes in each municipality. With fewer development launches in March, new home remaining inventory decreased to 13,933 units from the previous month.<\/p>\n\n Sales for single-family homes, including detached, semi-detached and townhouse units, were up two percent year-over-year, but fell 32 percent below the 10-year average, with a total of 890 homes sold. While benchmark prices increased for both single-family homes and condos from February to March, single-family home prices dipped slightly over the last 12 months, down 0.1 percent to $1,115,869. Meanwhile, benchmark condo prices experienced a 25.9 percent increase over a 12-month period, jumping to $983,133.<\/p>\n New home sales across the Greater Toronto Area were heading for a strong year, at least until the COVID-19 pandemic reared its head, according to Altus Group. As new data from the resale sector this week shows a steep decline in sales<\/a>, April sales for the new construction market will likely follow suit thanks to strict social distancing and shutdown measures, delayed launches and buyer reluctance.<\/p>\n \u201cNew condominium apartment sales in March were boosted by the record number of new projects launched in February, many of which opened near month-end,\u201d said Patricia Arsenault, Executive Vice President of Data Solutions at Altus Group, in a media release. \u201cWith dates for most planned launches now being pushed off, and buyer hesitation, sales in April are expected to be much more muted.\u201d<\/p>\n