The Greater Toronto and Hamilton Region New Homes Real Estate Report - June 2017 - De Niro & Hoffman Drive Record-Breaking Month For New Condo Sales
With a title like that you would think we're talking about Little Fockers, but we're not. The new home condo market received a boost of confidence from the marketplace in June with 5495 high-rise suites sold in one month. That is 64% more than the previous month and 120% more than June of 2016. These condos sold at an average record price of $627,000, up about 4% from last month and 34% from the previous year.
Sales & Average Price Index by Home Type - June 2017
New condo sales were driven by the launch of some exciting projects in the GTA including Transit City Condos in Vaughan's new downtown known as the Vaughan Metropolitan Centre. Transit City is a super-master planned community brought to you by Smart Centres and Centrecourt Developments which is headed up by CEO, Andrew Hoffman. It is the first residential condo complex to launch in what is claimed to be the most epic downtown in the entire GTA. It's hard to argue when you have a 9 acre park surrounded by a mix of high density offices and residences. Along with transit at your doorstep, 100,000 sq.ft. of fitness space at the YMCA next door and a Bar Buca in your lobby.
Watch the video below to learn more.
Chef Nobu's & Robert De Niro's new ultra-luxury condo, hotel and restaurant in the heart of Toronto has also had a significant impact on new condo sales in June. Located in the heart of Toronto's Entertainment District, Nobu Residences is set to change the skyline and food scene of Toronto forever. It's black perforated and bronze detail architecture was dreamt up by award-winning architect Stephen Teeple. The interiors are designed by Munge Design and the condos will be developed by Madison Group.
Watch the video below to see more.
This record number of sales has put high-rise inventory at the lowest we’ve seen in the last 12 months with only about 7000 new condo units remaining. This is more than half of the inventory available in the GTA last June.
GTA New Home Sales - Last 12 Months
GTA New Homes Remaining Inventory - Last 12 Months
Shorter single-family product experienced a calm month in terms of activity with 551 sales. Although, the average price of a new home soared 41% from the previous year to $1,250,262. Some new low-rise homes have been introduced in the market this month but overall inventory is fairly low, down by 22%, compared to the previous year with only 1617 homes currently on the market.
Last 12 Months Average Price Index (Excluding Extremes)
The July TREB Resale report drops in a couple days and based on this new home report and what’s been going on recently, it seems like the real estate market might just be coming back stronger than ever.
Here is a video (courtesy of Urban Toronto) of the sales event at June's top new home project in Vaughan - Transit City, where units were sold from all 3 towers.
Here's the top 3 Low-Rise & High-Rise communities for June in terms of sales:
New Low-rise Homes
Data Compiled by New Street from Altus Group and/or TREB (Toronto Real Estate Board) and/or RAHB (Realtors Association of Hamilton-Burlington). In association with Right at Home Realty Inc., Brokerage, 5111 New Street, Burlington, ON L7L 1V2. The information here is deemed reliable but not guaranteed by any parties involved including New Street, Altus Group, TREB or RAHB.