The Altus Group statistics are in for the GTA new home market for May 2019 (https://bit.ly/2IO7Lqk), and the news is wonderful. BILD has posted the stats, which show that the slowdown in the first quarter was temporary. The market exploded in April and May. In fact, in May, total new home sales were up 94 per cent from 2018 and up 27 per cent from the 10-year average. Sales of new condos were up 76 per cent from May 2018 and 64 per cent above the 10-year average. In addition, the benchmark price of new condos increased from April to $779,687.
There were a near record number of condo units launched in April, which accounted for much of the success. Perhaps the strongest factor in the upsurge in sales, however, is the fact that interest rates are holding steady. After a series of increases in 2017 and 2018, for the fifth consecutive time recently, the Bank of Canada left key rates unchanged. This is encouraging for both end-users and investors, and people are obviously finding ways to cope with the stress test imposed by the federal government.
Some experts are calling our current robust market our “new normal,” and I agree. When is the best time to buy a new condo in the GTA? The answer will always be NOW!