The Altus Group statistics for January in Greater Toronto Area are in from BILD, and they bode well for the year ahead. Sales of new homes overall were moderately higher than January of last year. Sales of new condos were just five per cent lower than the 10-year average, and the condo apartment benchmark price increased from last month to $803,638, up 12.5 per cent over the last 12 months. Sales of single-family homes were down 53 per cent from the 10-year average, and prices were down 8.1 per cent over the last 12 months. Once again, condos proved to be THE way to go in new homes.
Looking ahead, all of the key elements that affect new home sales are still in place. The GTA receives 115,000 new residents every year, and by 2041, the population is predicted to be 9.7 million. To accommodate this, we need 50,000 new homes built every year, but in 2017, there were only 38,000 built. We are experiencing low unemployment rates, and of course, mortgate interest rates are still at historic lows.
However you slice it, new condominiums continue to be a wise lifestyle and financial investment. Here’s to a great 2019!