Demand For New Condo Units in GTA Grows in First Quarter

There were 5,615 new condo units sold throughout the Greater Toronto Area during the first three months of the year. According to Urbanation Inc, a firm that tracks the condo industry, the number of new condo sales represented a 32 per cent increase year-over-year.

Unsold inventory in new developments declined by 16 per cent year-over-year to 15,587 units due to high demand and fewer new openings.

Resale condo units in the first quarter of the year seen an 8 per cent increase in price to an average of $467 per square foot. The index selling price for new condominium units increased at a slower rate to $582 per square foot.

A lack of new launches in the Toronto core and a shift in activity to suburban areas has caused new condo prices to be held back. Projects that are currently under construction have increased asking prices for unsold units by 8 per cent on a year-over-year basis to $618 per square foot.

In the 905 area, sales of new condo apartments reached a record of 2,112 units during the first three months of the year. Sales in the area were pushed higher by the launch of 11 projects that accumulated 2,343 units and 61 per cent of them were sold by the end of the quarter.

In the City of Toronto, there were only four new projects, limiting sales growth in the area to seven per cent during the first quarter of the year.

Reference:

Remi Network

https://www.reminetwork.com/…/demand-for-new-gta-condo-uni…/