in

Sales of new homes in Toronto have doubled despite COVID 19 pandemic warnings :REAL ESTATE

Greater Toronto property buyers stormed into the market, even under pandemic warnings. Altus Group Data show that new home sales more than doubled in February. The impact on prices was mixed as the number of new single-family homes continued to decline. Condominium prices rose to a new all-time high. The gap between the two has narrowed to the smallest level since 2014.

In the Toronto area only, prices for condominiums are increasing

The typical price for a new home still goes in two different directions. The new condominium benchmark reached $ 961,268 in February, up 21.3% year over year. New single family homes reached $ 1,097,987, a 2.2% decrease from the previous year. The condominium benchmark is at a new all-time high, while single-family homes are still over 15% below the 2017 peak. This is the next value that both benchmarks have achieved for over half a decade.

Sales of new homes in the Toronto area more than doubled

Selling new homes in the Toronto area had one of the greatest February times of all time. In February, 4,665 new homes were sold, an increase of 211% over the previous year. Broken down, condominiums accounted for 2,418 of these sales, an increase of 197% over the previous year. Single-family houses represented the remaining 2,247 houses, the segment increased by 228% compared to the previous year. Last year was an unusually slow February, which is why growth figures look so big. However, it shouldn’t be dismissed – this was the largest February for Greater Toronto since 2014.

Greater Toronto New Home Sales

Total new home sales in October in Greater Toronto.

Source: Altus Group, Better Dwelling.

The York region sees more new home sales than Toronto

Most of the new home sales growth was not recorded in the city of Toronto, although the growth was strong. The city of Toronto accounted for 1,310 of sales, an increase of 121% over the previous year. The greatest growth was recorded in the York region with 1,336 new home sales, an increase of 667% over the previous year. The York region is now a slightly larger market than the city.

Greater Toronto New Home Sales

Total sales of new homes in the Toronto area in October by region.

Source: Altus Group, Better Dwelling.

Highest inventory in February for over half a decade

The big difference between this rise and that observed in recent years is the inventory. The total inventory in the Toronto area reached 17,199 units in February, an increase of 4% over the previous year. Condominiums account for 12,909 of these units, an increase of 15% over the previous year. Single-family houses represented the other 4,290 units, a decrease of 18% compared to the previous year. This is the highest inventory in February for at least half a decade – but probably longer.

It was a narrower market than last year

Sales rose faster than inventory, which put some pressure on prices to increase. The ratio of sales to active offers (SALR) reached 27.12% in February after only 9.09% in the previous year. If the rate rises above 20%, it is generally a seller’s market and prices go up. If it is below 12%, it is a buyer’s market and prices are falling. Between 12% and 20%, and the market is valued correctly for demand.

Greater Toronto New Home Sales too active

The ratio of sales to active deals on new homes in Greater Toronto for October.

Source: Altus Group, Better Dwelling.

Sales of new homes in the Toronto area were huge in the wake of the COVID 19 pandemic. However, the impact on prices was somewhat different as prices for single-family homes still fell after two years. Condominiums, however, rose by almost a quarter compared to the previous year. Prices for both segments are now as close as they were since 2014. Don’t expect any major price changes during the Ontario shutdown. However, when the markets reopen, it will most likely be a completely different market.

Do you like this post? Like us on Facebook for the next one in your feed.

Note: We are not the author of this content. For the Authentic and complete version,
Check its Original Source

Marching On – Office Mum Parenting

20% DISCOUNT ON EVERYTHING !! | Kelly Cline Quilting Quilting