Urbanation, the real estate market research firm that tracks the Toronto CMA's (Census Metropolitan Area) condominium market, has released the fourth quarter results. The Q4 results show 7,226 new sales — the highest for any Q4 on record —contributing to the record high of 28,190 for the 2011 year. Add those numbers to the 230,564 condominium apartments currently in the planning stage, and you get an idea of just how fast the Toronto condominium market is still moving.
The report paints a positive picture of the GTA's current condominium market, contrary to those who foresee a bubble burst with the arrival of record high inventory. Accompanying the report are the results of a survey conducted by Urbanation of industry experts and developers in the Toronto CMA. They are quick to downgrade the concern many are expressing over the percentage of foreign investment, however they are expressing concern over the rising cost of units, many of the experts believing 2011 saw a jump of 34% in price per square foot from 2010.
Despite a noted jump in price, Urbanation V.P. and editor Ben Myers remains positive, stating that we're still in a seller's market, and that strong demand exists for condominiums in areas that are starting to experience increased density. The report concludes with a list of the 'tops' from 2011 — top 25 developers by sales and by price, as well as the top 10 new sites. Top in sales was Plaza, followed by Tridel, while top in price (highest price per square foot) was Lifetime Developments - $636 per square foot - and Graywood Developments, at $628.
Tridel no doubt climbed up to second place with projects such as Reve and the James Cooper Mansion, while Lifetime found prime real estate in the Four Seasons Hotel and Residences and M5V. Top new sites follow suite, with Plaza's York Harbour Club coming in with the top sales, and Lifetime/CentreCourt's Karma at second place.
These results are far from painting the ominous picture many in the real estate and development community foresee; in looking towards 2012 industry experts remain positive, expecting continued growth and strong demand in the Toronto CMA.