GTA new condo sales set another quarterly record

Thursday, August 3rd, 2017

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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