Great news on the new home front! According to the Altus Group statistics released by BILD in September, a strong new home market in the GTA continued with total new home sales up 73 per cent from last September, and 6 per cent above the 10-year average. Condominium sales rose 39 per cent from last September and were also 6 per cent above the 10-year average. The benchmark (typical condo) price was up 6.5 per cent over the last 12 months.
This is in keeping with the national trend occurring in home sales across Canada. The Canadian Real Estate Association reports that in September, sales in our large metropolitan areas increased 15.5 per cent from one year ago. The national average price for homes sold in September was up 5.3 per cent from September 2018. In addition, Canada Mortgage and Housing Corporation’s recently released annual forecast increased its housing starts estimate to 204,300 (4 per cent higher) for 2020 and predicts Toronto home prices will rise as much as 5 per cent next year.
Overall, the news is good, so if you are on the fence about purchasing a new condominium, it is time to take the jump and add a suite (or two or more) to your financial and/or lifestyle portfolios.