The Greater Toronto Area (GTA) real estate got significantly hotter in April, setting a new monthly milestone with above 3600 condo sales.
As per the latest report from Building Industry and Land Development Association (BILD), the number of new condominiums sold in April was the largest since 2000. With 3,619 unit deals, it is up 69 percent from the previous ten-year average!
The sold condos constitute apartments, piled townhouses and high, medium and low-rise buildings. Even though the median rate for new condo apartments dropped from month-over-month to $1,058,432, it is still ahead by 7.5 percent over the previous year.
Former month's condo sales were also dramatically greater than April 2020, when only 508 units were transferred. This was, nevertheless, at the start of the pandemic, when all real estate industries experienced severe declines.
Altus Group's Manager of Analytics and Data Solutions, Ryan Wyse, says that there was a significant boost in April for the record number of new condominium apartment sales with the recent product launches spread throughout the GTA. Two-thirds of the projects sold in April were opened in the same month. He added that a steep price hike for new single-family houses since last summer is also a reason for April's boom. It is because the price-conscious customers shift their expectations to the property they can afford.
While condo sales increased past month, single-family home sales decreased somewhat, falling 26% below the ten-year mean. It accompanies 1,020 unit sales of semi-detached, connected and detached residences and townhouses (except stacked townhouses) that suffered a 40% reduction month-over-month. The standard cost of new single-family houses fell to $1,395,190 the prior month. But, it was still elated by 24.8 percent for the past year.
Last year, a lack of real estate inventory fueled tough competition and higher property prices. However, according to the BILD research, inventory levels have risen even further since March, reaching 12,571 units for sale.
Sales (of 2020) in Toronto boosted condominium trade, accounting for 1,390 units sold, supported by the following regions:
- 960 units in York
- 790 units in Peel
- 339 units in Halton
- 140 units in Durham
Meanwhile, in April, real estate agents merely sold 12 new single-family houses in Canada's largest metropolis. York led this housing segment with 409 units, next Durham with 276 units, subsequently Peel's 219 and Halton's 104 units. The outstanding housing market climbed to 12,571 units. It covered units of projects with unfinished structures, projects recently under development and projects under preconstruction.
According to BILD President & CEO Dave Wilkes, it's critical to keep fresh supply entering the market to support the GTA's booming population. He mentioned that they are augmenting to witness tremendous activity in the GTA market. He emphasized intensifying their efforts to provide adequate supply to keep the market stable. Also ensuring that homes will be available for above four million individuals who will live in the GTA by 2051.
To get the latest news, property buying or selling tips and much more, check out our full blog.