Urbanation Q3 Condo Market Results

Wednesday Mar 08th, 2017

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STRONG SALES BRING DOWN SUPPLY IN

TORONTO NEW CONDO MARKET

TORONTO – October 30, 2014:  Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q3-2014 market results today.

A total of 4,753 new condominium apartments were sold across the Greater Toronto Area during Q3-2014, representing the third best summer for the market behind 2011 and 2007 and a 53% year-over-year increase from a 10-year low in 2013. Sales over the past 12 months ending in September have reached over 19,000 units in the GTA — a level not seen in two years.

Sales were boosted by a number of highly successful new project launches during the quarter, but more importantly by increased absorptions at pre-existing projects. As a result, the number of unsold units in the market across all stages of development (pre-construction, under construction and recently completed) fell by 11% during the quarter to 16,743 units.

The share of total active units in development (104,081 units) that have been pre-purchased increased to a record high of 84%.

The index for average selling prices reached $555 psf, up 3% year-over-year, which is consistent with the trend over the past two years. Pricing for unsold units grew at an annual pace of 2% to an average of $571 psf, which marked a change in course following flat to slightly negative growth rates in previous quarters.

“Sales this past summer reaffirm that the new condo market in Toronto is on track for one if its best years on record,” said Shaun Hildebrand, Urbanation’s Senior Vice President.

“There is still quite a bit of pent up demand that came out of the slowdown last year. Should market confidence continue to hold in spite of the recent turmoil in financial markets, this sales momentum will carry into the final months of 2014 and early 2015,” added Hildebrand.

GTA resale condo apartment sales grew by 15% year-over-year to 4,850 units in Q3-2014, picking up a bit of speed from the 14% and 12% rates of growth in the second and first quarters of the year, respectively. Meanwhile, listings were relatively flat, tightening the ratio of sales to total listings to a two-year high of 47%. Prices increased by 3% to an average of $426 psf.

ABOUT URBANATION

Urbanation is Canada’s leading condominium market research company. Since 1981, Urbanation has analyzed the Toronto condominium market, publishing the “industry bible” – Urbanation’s Condominium Market Survey. This quarterly report tracks new, resale and future condominium projects. The newest report from Urbanation is UrbanRental, which tracks activity in the condominium rental market. Urbanation also provides the development community with essential consulting services, which include site and topic specific market studies and surveys.

www.urbanation.ca        www.twitter.com/urbanation                   www.urbanation.ca/UrbanRental
Shaun Hildebrand  Senior Vice President shaun@urbanation.ca  416 922 2200
URBANATION Inc.
10 Price St, Suite 201, Toronto, ON M4W 1Z4  T: 416.922.2200 ext.243  C: 416.898.3138  W: www.urbanation.ca / www.twitter.com/urbanation
PROVIDING MARKET RESEARCH, ANALYSIS AND CONSULTING SERVICES TO THE CONDOMINIUM INDUSTRY SINCE 1981.

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