Toronto has seen a record number of condo apartments sold last month, according to the Building Industry and Land Development Association.
In a March 23 CNW press release, BILD announced that more than twice as many new condo apartments were sold compared to low-rise units. Data from Altus Group revealed that in February, 3,542 transactions involving condo apartments (in stacked townhouses and mid and high-rise buildings) transpired, while 1,541 sales were those of new detached and semi houses and low-rise townhomes.
“Condo apartment sales in February were up 79 percent over the same period last year and more than double the ten-year average. The month’s condo apartment sales were driven by continued strong sales in Toronto (1,661 units) and a significant increase in 905 sales, which included 105 unit sales in Durham, 107 in Halton, 370 in Peel and 1,299 in York,” the news release stated.
As of February, the average price of a condo apartment in the GTA stood at $523,086, up from $507,511 in the month prior. The average price per square foot reached a record-high $652, while the average unit size declined to 802 square feet.
These developments accompanied a sharp drop in the inventory levels of condo apartments, which fell to an unprecedented low of 10,342 units.
“While the February results point to a trend decades in the making, the severity of the monthly figures, is jarring,” BILD President and CEO Bryan Tuckey said.
“As the current data demonstrates, legislative guidelines and planning policies have real impacts on real people. With significant declines in builder inventory and record prices (for both low and high-rise homes), the GTA housing market is in crisis and it is time for governments to work with us to address the problems.”