Steve Randall
Canadian Real Estate Wealth
For the second consecutive quarter, new condo apartment sales in the Greater Toronto Area have reached a new high.
Urbanation reports that 12,138 units were sold in the second quarter of 2017, a rise of 62% and the highest volume on record for the second quarter. The 12-month sales of 35,954 is 36% higher than the previous 12-month peak of 26,421 set in the first quarter of 2012.
“While the current pace of new condo sales shows a remarkable level of confidence in the GTA housing market, activity has reached an unsustainable level for the near-term. Market fundamentals, however, still appear supportive of prices” said Shaun Hildebrand, Urbanation’s Senior Vice President.
Despite a record breaking 11,849 of new units in Q2 2017, demand continued to outstrip supply leading to 80% pre-sold by the end of June. The inventory level was at a 15-year low of 6,794 units, 2.3 months of supply.
The average price for all sold units in active development was $647 psf, growing 10% year-over-year and returning to double-digit growth for the first time since Q1-2012.
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