Recent numbers from the Building Industry and Land Development Association (BILD) are showing certain trends in Canadian homes sales. According to BILD CEO, David Wilkes, these trends show a major shift in what Canadians want and find feasible when it comes to purchasing a home. Here’s what the numbers show:
Condo demand is still high. Condos accounted for 2,079 out of 2,500 of new homes sales in the summer of 2018, showing a steady upward trajectory, both in terms of benchmark prices and sales volumes.
Canadian condo prices continue to rise. According to numbers for June 2018, the benchmark price of a new condo came in at $774,554, a sizeable 23.5 per cent jump from the same month in 2017. “It’s a very strong market,” Wilkes told media outlets.
Single-family homes continue to drop in sales volume. Sales for single-family homes dropped almost 20 per cent year-over-year, despite the benchmark price falling 9.4 per cent year-over-year.
Why condos? “When you look at their affordability and the range of choice available,” suggests Wilkes, “I think demand remains strong because of both of those factors.”