Urbanation has released their statistics for the first quarter on Toronto's condo market, and as expected we continue to see growth in both numbers of units as well as pricing. While we continue to read about the iminent collapse of Toronto's condominium market from major news outlets as well as economists, the past quarter saw record numbers, with 6,070 new condo sales, a recored high for the first quarter.
Four major projects constituted 30% of the new condominium apartment market — INDX, Massey Tower, Casa II and Parkside Village all opened with huge success. The other 70% of the market consists of 334 active projects within the Toronto Census Metropolitan Area.
New project starts have for the sixth consecutive quarter outpaced completions, with 47,655 units under construction. Urbanation is predicting that 2013 could see up to 28,000 units completed. Pricing has risen 2% to $519 per square foot — the Downtown Core has climbed up to $656 per square foot.
While the news in their Q1 report remained upwardly positive, Urbanation has reported a decrease in the resale market, dropping to $396 per square foot, down for the first time since 2009.