The results are in and Toronto’s condominium market is booming this quarter.
Urbanation Inc., Toronto’s leading research firm on the condominium market, released its Q3-2014 market results today. The third quarter results show that a total of 4,752 new condominium apartments were sold across the GTA during the Q3 period for 2014. This means that this was the third best summer for the market, with a 53 per cent year-over-year increase from a 10-year low in 2013, and lagging only behind the heady markets of 2011 and 2007. As well, sales over the past 12 months, ending in September, have reached over 19,000 units sold in the GTA, a level that hasn’t been seen in two years.
Toronto skyline, image by Flickr contributor Daniel Poon
These huge sales are all because of the highly successful new project launches during the third quarter, as well as the increased intake of the pre-existing projects. With fewer new project launches as of late, the number of unsold units in the market—regardless of its stage of development—fell by 11 per cent.
“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.”
The average selling prices reached $555 psf (price per square foot), up 3 per cent, following the trend over the past two years. Resale condo apartment sales for the GTA grew by 15 per cent to 4,850 units in Q3-2014, an increase from the 14 per cent and 12 per cent of the first and second quarters of the year.
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