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Urbanation has released its second quarter for 2011 results proclaiming that the condominum market in the Toronto CMA (Census Metropolitan Area) has broken nearly every existing record. The company, which provides information and analysis on Toronto's condo market, reports that a major influx of more than 9,000 units from 44 new projects has helped smash multiple records.
The most notable record is for quarterly condo sales: 9,455 units sold in the second quarter of this year, topping the previous record high of 6,997 (set in the second quarter of 2007) by 35 per cent.
"These results for Qs are remarkable, but they will likely bring about more talk of the sustainability of the condominium market," says Ben Myers, Urbanation Executive Vice President and Editor. "But it's clear that the market is not experiencing rapid increases in pricing, which is the hallmark of a real estate bubble. The market is very healthy, as condominium resale activity remains strong, and results from our new UrbanRental report show that condominium rents have improved over the first quarter."
Here are a few stats Urbanation released today:
• 24,732 new condos have sold over the past 12 months, topping the previous record high of 22,654 set in 2007 by 9 per cent
• there were 39,196 condo units under construction in the Toronto CMA in 153 projects in Q2-2011, a high water mark for Toronto
• only 16% of the 78,142 units in the 306 active condo apartment projects were unsold at the end of the second quarter, a record low
• both new and resale condo markets saw increases in index prices, with unsold pricing in the new condo market rising from $529 per square foot (psf) in Q2-2010 to $552 psf in Q2, a 4.3% increase
• the resale index price increased from $370 psf to $391, or 5.7%
Looking ahead, Urbanation is forecasting 25,000 new condo sales and 17,000 resale transactions for 2011.
