26 June 2019

“It was the largest number of total new home sales for that month since 2002,” says Patricia Arsenault, Altus Group’s executive vice president.

Last month, there were 1,004 new single-family homes sold, including detached, semi-detached, and townhouses. It’s 211% more than a year earlier.

Although it’s still 32% lower than the 10-year average, May was the seventh month in a row reporting annual increase in this sector.

The average price for a single-family home went down by 3% on a year-over-year basis and reached $1,109,501 last month.

New condo sales exceeded the 10-year average by 64%, with 3,790 units in low- and high-rise buildings (plus lofts) sold. It’s 76% higher than a year ago.

The average cost of a new condo rose by 2.8% annually to $779,687.

“New condo apartment sales were very strong amid almost record number of units launched in April. Meanwhile, new single-family home sales exceeded the 1,000-unit mark for the first time in 2 years”.