Why did the price of a new GTA condo jump 25 per cent last month? Experts weigh in.

Original article via Liavbl. Click here to read.

While home prices continued to underperform across most GTA property types last month, there was one notable exception — the benchmark price of a new condo jumped a whopping 25.4 per cent year-over-year to $758,370 in May.

“Besides strong demand from new home buyers looking for more affordable options, the continuing increase in condo…prices can be partly accounted to an increase in average unit size to 892 square feet from 814 square feet a year ago,” reads the data release from the Building Industry and Land Development Development Association (BILD). “The average price per square foot [increased] to $850 from $743 last year.”

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