BILD has released the Altus Group statistics for November 2019, and the news is good on all fronts. Overall, new home and condo sales were up 53 per cent from November 2018 and 19 per cent above the 10-year average. Condo sales were up 32 per cent over November 2018 and 29 per cent above the 10-year average. According to Altus Group, when we receive the statistics for 2019 as a whole, new condo sales will be among the top four years ever!
Add to that the fact that the benchmark price for new condos was $866,827, up 10.2 per cent over the previous 12 months, and you have all the more reason to get into the market now, if you have not already.
In the BILD news release, President and CEP David Wilkes remarks that he anticipates a strong demand for new homes right into 2020. He also points out that in order to ensure stable prices and keep the industry supplying great jobs and contributing toward economic growth, the focus has to be on increasing housing supply.
Mortgage interest rates remain unbelievably low – for now – so NOW is the best time to get into new condominium ownership!