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The boulevard condo thornhill. Apartment sales hit a record high in April in the past 10 years

The boulevard condo thornhill. Apartment sales hit a record high in April in the past 10 years

Posted on September 11, 2021

The boulevard condo thornhill. Apartment sales hit a record high in April in the past 10 years. Apartment sales in Toronto hit a 10-year high in April and rose 6.12 times from a year earlier.

According to the Association of Construction and Land Development (BILD), the Toronto apartment market recorded 3619 transactions in April, the highest in the past decade, 69 per cent higher than the average and 6.12 times higher than the same period in 2020.

However, the association said that due to the outbreak of the epidemic in April 2020, which was also the first whole month after the closure of the province, an effective comparison could not be made.

David Wilkes, executive director of the association, said that there is still a lot of supply in the market, due to the increase in supply, rising demand, coupled with the current price is attractive to first-time home buyers.

Wilkes said that even if the new or second-hand apartment market was in the doldrums last year, the performance in April 2021 reflected long-term growth in the Toronto apartment market, and trading performance of all properties in the city was expected to continue to be strong.

The benchmark price of newly completed apartment units in many cities has risen to 1.06 million yuan, up 7.5% from 984369 yuan in the same period in 2020. As for the price of new single-family residential properties (including detached houses, semi-detached houses and town houses), it has also risen from 1.2 million yuan in the same period last year to nearly 1.4 million yuan.

The new single-family residential property sold 1020 units in April, 26% below the average over the past decade.

Ryan Wyse of the Altus Group said that since the summer of 2020, the prices of newly completed single-family residential properties have been rising rapidly, causing many buyers to turn to the affordable apartment market.

But Wyse said the change in mortgage stress test standards proposed by the financial institutions regulatory office would have an impact on purchasing power in the market.

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