GTA new home sales jumped 123% in April

There was some better news for the new homes market in the Greater Toronto Area in April as sales jumped 123% year-over-year.

The Building Industry and Land Development Association (BILD) reports that figures from its official data source, Altus Group, reveal 3,853 new homes were sold in the GTA in the month.

Of those sales, 800 were single-family homes. That’s a significant jump from the 443 sold in April 2018 but still 50% below the 10-year average.

For condo apartments, there were 3,053 sales; up 137% year-over-year and 37% above the 10-year average.

“Both builders and buyers stepped up their game in the new condominium apartment market in April,” said Patricia Arsenault, Altus Group’s Executive Vice President, Data Solutions. “The number of units in new projects launched, and the number of sales, were well above the April average of the past 10 years. While it is still too early to call the market as being on the upswing, the stronger showing in April is encouraging.”

Prices down slightly

There was a slight moderation of benchmark prices for both single-family and condo apartment groups compared to March.

The benchmark price of new single-family homes was $1,119,772, up 0.3% year-over-year while the benchmark price of new condominium apartments was $758,585, up 2.5% year-over-year.

“The last two months have seen stronger new home and condominium sales in the GTA after a sub-par April in 2018,” said David Wilkes, BILD President & CEO. “There seems to be a resiliency in the market as new home buyers are coming off the sidelines.”

by Steve Randall 03 Jun 2019 www.mortgagebrokernews.ca/