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Contrary to the astounding number of condo units sold in 2012, the number of condo sales in the first quarter of 2013, are significantly lower in Toronto. Urbanation reports that a total of 2,728 new condominium apartments were sold in the first quarter of 2013, which is 29% lower than the amount of units sold during the fourth quarter of 2012 and 55% lower from the first quarter of 2012. However, the amount of the sales in the first quarter of 2012 were record-breaking, so the fact that the sales from the first quarter of 2013 are lower was not unexpected.
Reasons for the decrease in condominium sales in 2013 are due to the lower numbers of project openings this year, and the fact that the industry has been cautious in bringing new units into the market due to a decrease in visitors at sales centres. Many units in developing condominium projects are also unsold, 64% of these unsold units in condominiums are still in the pre-construction sales phase.
Despite the slow start in 2013, Urbanation is optimistic about the outcome of condominium sales during the remainder of the year, predicting that the market will improve as the year progresses. The second quarter of 2013, promises the release of some highly-anticipated condominium projects, accompanied by competitive pricing, which Urbanation believes will attract more buyers.
Although sales won't rise above the numbers in 2012, they are still predicted to rise up to a level more consistent with the historical trend this year. Urbanation is able to make such predictions based on the number of resales, claiming that they lead the new market during recovery periods.
Resale condominium apartment sales increased by 9% from the fourth quarter to 3,204 new units in the first quarter of 2013. Partly due to an increased number of new registrations at 4,859 units in the first quarter of 2013 — 7% of which were listed as resale — resale prices were weighed down.
For more data, statistics and predictions based on condominium sales in Toronto, check out Urbanation's website.
