BILD has released the most recent Altus Group statistics for new home and condo sales in the GTA. Overall, 2019 sales were far and above those of 2018, which were the lowest since 1996.
Once again, condominiums fared really well, up 27 per cent from 2018 and 16 per cent above the 10-year average. In December alone, condo sales were up 132 per cent from the previous December, and 63 per cent above the 10-year average. That month, the benchmark price for new condos reached $916,585, up 15 per cent over the previous 12 months.
This is great news for condominium owners, whether they live in their suites or rent them out. With the average rent for a one-bedroom apartment in Toronto at $2,300, the potential for a condo as a lucrative addition to a financial portfolio is appealing.
Of course, we still hear about affordability being a problem, but obviously, people are finding ways to purchase condominiums. Relatively attainable price points (compared to low-rise), excellent locations, amazing architecture, spectacular amenities, superb features and finishes … condos will be a driving force on the new home landscape for years to come!