The month of March came in like a lion and went out like a lamb – in more ways than one. The Altus Group statistics for the Greater Toronto Area (https://bit.ly/2XYNZR5aa) show that total new home sales were up 67 per cent from March 2019 and 7 per cent above the 10-year average. New condo sales were up 108 per cent from March 2019 and 30 per cent above the 10-year average. Interestingly, this was the second-strongest March of the past 20 years for condo sales. Only March 2017 beat it.
In addition, the benchmark price for new condos reached $983,133, up 25.9 per cent over the previous 12 months. The last part of March saw weaker sales, but those statistics are proof that we were on our way to a strong year. And with inventory low, once the industry bounces back from the COVID-19 situation, the pent-up demand is likely to boost sales.
I have said it before, but it bears repeating – you can’t keep a great industry down!