At this point, the prediction of new cooling measures may have become a self-fulfilling prophecy. New condo sales surged month-on-month, between December 2020 and January of this year; and while the reasons are varied, one of them may ironically be the fear of new cooling measures. Here’s what you need to know about the new launch numbers, which could result in serious policy changes ahead:
What happened to new launch condo purchases in January 2021?
According to Square Foot Research, there were 2,087 new sales (private non-landed homes, including Executive Condominiums) in January 2021. This is up from 1,233 units in December 2020, an increase of close to 70 per cent in transaction volume.
On a year-to-year basis, this is about a 283.6 per cent increase from January 2020, when we saw only 544 transactions.
It’s also significant that January’s monthly numbers are a 36 per cent increase from July 2018;