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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





3 June 2019

New home sales in GTA skyrocketed by 123% in April

In April, the Greater Toronto Area saw a 123% annual sales increase of new homes.

The Building Industry and Land Development Association (BILD) says that, according to Altus Group, there were 3,853 new homes sold in the GTA in April, with 800 of them reported in the sector of single-family homes.

It’s a sharp increase from 433 sales seen in April, though it’s still 50% lower than the 10-year average.

In case of condos, the sales rose by 137% from a year ago to 3,053 homes – it’s 37% higher than the 10-year average.

“In April, the new condo market saw a strong activity both from builders and buyers,” - noted Patricia Arsenault, Altus Group’s Executive Vice President. “The number of units in new projects, and the sales, exceeded the April average of the previous 10 years significantly. Although it’s too soon to say the market is on the upswing, such strong April performance is good news”.

Meanwhile, we’ve seen a certain moderation of average prices growth in the sectors of single-family and condos from March.

The benchmark price of new single-family homes was up by only 0.3% to $1,119,772, while in case of new condominium apartments the number went up by 2.5% annually and reached $758,585.

“The previous two months showed stronger new home and condo sales in the GTA, following quite weak results of April 2018,” - said David Wilkes, BILD President & CEO. “The market seems to be rebounding as buyers are coming back”.

 

 

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