New condominium market recovers in the GTA

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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.

According to Toronto, Ont.-based Altus Group, a commercial real estate services company, 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 percent, respectively, and remain well below 2019 levels, as the pandemic was a major disruptor of the typically busy spring market.