Wednesday, March 4, 2015

New condo sales still strong

Published in
By: George Carras Real Estate, on Fri Feb 27 2015

How best to describe the GTA new-home market at the start of 2015?

Well, it’s complicated. Sales are down, but prices are up.

There were 1,939 new homes sold across the region in January. While that’s tracking three per cent above the market’s 10-year average, it represents a decline of 12 per cent from last year.

Sales of new highrise homes (a category that includes apartment condominiums, lofts and stacked townhomes) declined 25 per cent from last year, as new launches in 2015 lag the pace of those in 2014.

On the other side of the market spectrum, sales of new lowrise homes (a category that includes detached, semi-detached and townhomes) were up a modest one per cent from last year.

If you’re looking for a bit of economic good news in the coming months, keep an eye on new highrise construction starts in the GTA. Strong highrise sales last year meant that 74 projects — comprising 18,488 units — were more than 70-per-cent sold in pre-construction status at the end of 2014. That represents approximately $6.7 billion worth of new condominium developments that are likely going to start construction this year.

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