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New condominium projects launched
Toronto's high-rise condo market is on track with 2007
Urbanation — www.urbanation.ca — released its Toronto condominium market numbers for the First Quarter of 2008. Editor Jane Renwick states, "With 17 new condominium projects already launched in Q2/08, Urbanation's Q1/08 Survey shows divergence between low rise and high rise real estate markets, with the high rise condominium market retaining strength in pricing and volume of units sold.
Among the most significant data and trends in the Toronto market in Q1/08:
- New condominium sales in Q1/08 numbered 3,433; only 8 units fewer than Q1/07.
- 277 new condominium projects were tracked in Q1/08; 56 more than in Q1/07. This means that the 3,433 Q1/08 sales were spread over 25 per cent more buildings than Q1/07. Aura at College Park represented 21 per cent of Q1/08's new sales.
- Resales of condominiums in Toronto were down slightly in Q1/08 compared to Q1/07 by 187 units, or 6 per cent.
- The average new condominium index price for the Toronto CMA in Q1/08, as defined by price per square foot (psf), enjoyed its 13th consecutive quarterly increase, up 11.4 per cent in Q1/08 from Q1/07, ($388 psf vs. $348 psf). Resale unit pricing was up 8.3 per cent from Q1/07.
- An expected rise in unit completions should enable an increase in new unit construction starts in 2008. An indication of this is that construction began on 4,546 new condo units in the Toronto CMA in Q1/08, setting the second highest level of new starts for the First Quarter since Q1/89, and 233 per cent higher than Q1/07's new start total.
- The hottest area for new condominium construction and sales continues to be the former City of Toronto, representing 50% of the CMA's condominium development activity.
"The Q2/08 projects that have already launched range from Tridel's Huntington and Cresford's The Stratford Residences priced over $800 per square foot, to Elm Developments' The Portrait selling at an average of $367 psf, to Pointe of View's Ravines of Spring Pointe priced under $300 psf. The market is broad and still very buoyant; however, we are expecting it to return to more normal levels in 2008, as 2007 outperformed 2005 and 2006 by 40 per cent," said Renwick.
"The Toronto condominium market showed continued strength in Q1/08, with the Toronto construction industry operating at or beyond full capacity. Continued immigration, the desire to live downtown or near transit hubs and the relative affordability for a large numbers of buyers, are so far countering any external factors, keeping the new condominium market healthy into 2008," she added.
May 22, 2008 in New in New Homes | Permalink
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Comments
Not so long time ago many people were afraid that the real estate market will slow down and nearly freeze. Little did they know how different will be the real industry market in Canada from the one in the US. Now we have still a very healthy market with many buyers and construction industry working very well. Good news for Toronto. Elli.
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