By Ryan Wyse, Manager, Analytics | September 3, 2020

The new condominium apartment market in the Greater Toronto Area (GTA) continued to recover from the impacts of the COVID-19 pandemic as both sales volumes and new project launches strengthened in July. The number of new project launches were well above July 2019 levels, with most projects reporting strong sales activity. With all regions in the GTA now in Stage 3, the easing of pandemic restrictions is seeing buyers return to the market and builders boosting the number of new launches – adding much needed supply.

GTA new condo apartment project openings July 2020

According to the latest results from Altus Group’s Condominium Apartment Monitor, July saw a near record nine new project launches. With 2,539 units added, it was the highest number of units ever added for a July, since Altus Group began tracking the market in 2000. Despite July’s strong levels, 2020 year-to-date project launches and units released were down 42% and 47%, respectively, and remain well below 2019 levels, as the pandemic was a major disruptor of the typically busy spring market.

However, with one-third of new July project launches occurring in the final days of the month, August is also expected to experience stronger than usual sales, resulting in a summer sales surge. August is typically one of the slowest months of the year, but deferred openings and pent-up demand is expected to keep builders busy throughout the rest of the summer, potentially leading to a busy fall.

 

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