Urbanation Reveal 2013-Q3 Condo Sales

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Urbanation have released their Q3 market results today for 2013 with a couple of key takeaways:

  • 3,049 New Condo Apartments sold in Q3, down 8% from 2012
  • Projected 13,000 units to sell in 2013 (down from 17,997 in 2012 and 28,190 in 2011)
  • Averaged three year total brings it back in line with historical trends (18,000-20,000)
  • Urbanation attribute less condominium launches to the low sales (only 11 projects launching in Q3, the lowest in 10 years)
  • High sales recorded in Toronto, 85% of units pre-sold

The overall message is that while sales are down from the past two years, there was an expected flattening of sales due to the high volume of sales in 2011.  The lack of launches in 2013 were a major cause for the lower sales, especially in the downtown core.

Key downtown projects (CASA 3, Harbour Plaza Residences, 365 Church and Yonge & Rich, for example) all enjoyed successful launches and sales which highlights the appetite for key downtown condominium projects with long term growth potential.

Source: Urbanation

Roy Bhandari