The most current statistics from Altus Group (BILD’s official source for new home market intelligence) show that in June, sales of new condominiums in the Greater Toronto Area were up compared to April and May, and the benchmark price for new condos (the estimated value of a typical condo in the area) was up 24.2 per cent over the previous 12 months (https://bit.ly/39BFgIe).This is despite the fact that sales were below those of June last year and of the 10-year average.
In addition, according to Urbanation, another leading source of information on the condo market, prices for new condos in the second quarter of 2020 were up 8 per cent over 2019, even though sales during that period were the lowest in 11 years (https://bit.ly/2P98Xaa). Keeping it in perspective, there were fewer condo launches during the second quarter as well.
These numbers are encouraging, despite the slowdown in sales. They bode well for the continuing popularity and value of condominiums across Toronto and the GTA as we go forward with recovery from the pandemic. Our industry rocks!