Kindred condos . Sales of new homes rose 20% a year in March. Bowen benchmark property prices rose 5.1%. Sales of new homes in the Toronto area continue to be brisk. According to the latest report from the Association of Construction and Land Development (BILD), 2314 new homes were sold in March, which is still 36 per cent below the 10-year average but up 20 per cent from the same period last year.Please Visit: Kindred condos to Get Your VVIP Registration Today!
Altus, a consultancy commissioned by the association, said sales of single-family homes, including detached, semi-detached, connected and town houses, were 886 last month, up from 295 in the same period last year, but 38 per cent less than the average over the past decade. This is the fifth month in a row that sales of single-family homes have exceeded that of the same period last year. However, the turnover of mid-and high-rise Baiwen, stacked town houses (Stacked Townhouse) and penthouses (Loft) is 13 per cent lower than the same period last year and 34 per cent lower than the average over the past decade.
Patricia Arsenault, executive vice president of Altus, a consultancy, says demand for single-family homes has not diminished, but many would-be buyers have been on the sidelines in the past two years. The problem of affordability is still widespread in single-family homes, making other types of houses with advantageous prices more popular with buyers entering the market.
The benchmark prices of single-family homes and co-managed properties in March were slightly adjusted compared with February. The benchmark price of new single-family homes is 1116640 yuan, down 7.6 per cent from last year. The benchmark house price of the new Condo unit has risen 5.1 per cent to 780839 yuan in the past 12 months.
David Wilkes, president and chief executive of the association, said that although new home prices have been adjusted slightly recently, affordability is still a big problem for many people in the Greater Toronto area, unless there is a structural change in housing supply in the Greater Toronto area. Speeding up the construction of new housing estates, reducing barriers and reducing costs all require the co-operation of the industry, the Government and the public to find solutions.
Li Yuchang, a real estate agent for Yunheng, believes that the improvement in sales of new homes is a very reasonable phenomenon. After all, the market has been quiet for two years. Moreover, the new prices for detached houses, semi-detached houses and town houses are lower than they were two years ago, thus prompting an increase in the turnover of new single-family homes. He pointed out that the federal government’s stress tests on home loans have been in place for some time, coupled with the fact that the central bank has recently left interest rates unchanged and major banks have cut interest rates. Therefore, it is expected in the market that the Government will relax the stress tests in the future, causing many buyers to choose to buy uncompleted flats in new housing estates, so that they can have more time to wait for policy changes.