According to the Altus Group September 2018 statistics released by BILD, the new home market in the Greater Toronto Area has picked up momentum. There were more sales and more project openings than there were in August. In addition, the gap between the benchmark prices for condominium apartments and single-family homes is closing. In September, that price for condos rose to $789,643, and for single-family homes lowered to $1,119,533. The discrepancy is largely due to a shortage of new homes across the board, including condos. According to BILD, a strong new home market has approximately nine to 12 months’ worth of inventory, but our condo market in September had only about five months’ worth.
Condos continue to dominate the market. In September, 1,494 of the 1,747 new home sales were condo apartments. The moral of the story is to get into the new condo market sooner rather than later. Look at how much return-on-investment condominium-owners have earned who purchased years, and even months ago.
To read the entire BILD news release with the Altus Group statistics, visit https://bit.ly/2z11FwU