Urbanation Reports Strong 2011-Q1 Sales and Predicts Stronger Q2

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Urbanation Inc. are the leading source of market analysis in the Toronto Condo market and have been since 1981.  Today they released their 2011 Q1 market overview and signs look very promising for the Condo market in 2011.  Some of the highlights of the report with respect to the New Condo Market are below:

  • -New Condo Market in GTA recorded 5,201 sales, just 214 sales shy of the record last year
  • -7,550 construction starts in the first quarter
  • -A Record number of suites under construction in the Toronto CMA at 37,706.  Only 17% of these are unsold.
  • -There is an expected 45 NEW launches scheduled for Q2 – accounting for 9,500 new units.  Urbanation call this a “healthy increase” over last year
  • -In Q1 – 17 projects launched, selling 63% of their units.  Average percentage sales for Q1 is typically around 49%
  • -Prices have increased 7% annually to $543 per square foot in the GTA.  $650 per square foot for the City of Toronto. $739 per square foot for Downtown Core. 

The report also discusses a shortage of supply in the resale market (answering those questions about too many new condos being built).  Overall the report indicates a very healthy market with expectations for a strong second quarter.

Roy Bhandari