March New Home Sales - 5 Things to Know
- New homes Sales in the GTA were down with just 1,960 sales, including 1,649 condos.
- That’s a whopping 67% below sales a year earlier and 21% below the 10-year average,
- The introduction of tighter mortgage rules in January played a part in the slowdown.
- Single-family home sales did pick up from February with 311 new detached properties sold vs 265 in the previous month, but sales were 77% below those of March 2017.
- Prices continued to be impacted by low supply in March, and while the benchmark price for new single-family homes decreased slightly to $1,207,832, it was 7.4% above last year.
- The benchmark price for new condos continued to rise to $742,801, up 39.4% from last March. On a per square foot basis the price has increased from $666 in March 2017 to $825 in March 2018. The benchmark unit size for condos increased to 900 sq. ft. from 800 sq. ft. a year ago.
Well, that’s actually 6 things – so you got a bonus point!
Enjoy, and call me if you want to have a quick chat about your RE needs or wants.