The Altus Group statistics released by BILD show that in July, Greater Toronto Area new condo sales were up 22 per cent year over year and 42 per cent above the 10-year average! In fact, that was the second-strongest July on record for new condos. In addition, of the 2,863 homes sold in the GTA in July, 2,297 were condos, making this type of housing the preferred choice once again. Of those, 1,565 sales were in Toronto, and coming up close behind, 1,295 were in Durham, Halton, Peel and York Regions.
There was less inventory available in July, as there are typically fewer openings in summer. You will still find a wonderful selection of suites available in pre-construction projects, buildings currently under construction and completed residences.
OH, and in July, condos also saw a benchmark price increase to $838,824, up 8.3 per cent over the last 12 months. The moral of the story is, as I have said many times, the best time to buy a new condo is NOW. Here’s to a great fall season – watch for exciting openings in phenomenal locations!