In the face of ongoing debates over a saturated condo market, Urbanation has released a solid list of statistics reporting on Toronto's continuing construction boom and sales records.
With an impressive track record, the Toronto CMA has maintained healthy sales over a 10 year period, adding 3,841 new condo apartments sales in Q4-2012 to the year's total of 17,997. That said, a debate over the city's slowing boom continues to simmer. Sales failed to beat the record set in 2011, and currently reads below the five year annual average of 20,119 units. Despite this, Urbanation's press release rejects notions of overbuilding in the market, as 2012 stilll marked an impressive year for Toronto development. The industry set records not before achieved by the metamorphic city with 355 active developments in the CMA representing 56,866 units under construction. Within the current new condominium market 79% of units are sold overall, down slightly from Q4-2011's achievement of 82%. The number of sold units remains ahead of the ten year average.
Of particular interest, Urbanation has compiled a record-list ranking developers in 2012 based on sales. Crowning the top 25 is Tridel, spawning noteworthy projects including 300 Front Street West. Second place goes to Lifetime Developments and BLVD Developments, redefining neighbourhoods with X2 Condominiums and Liberty Market Lofts and more. On a more specific note, a top-ten list showcasing the most active selling condos certifies the inner city as the most sought location for condo-buyers in the CMA. Topping that list are projects set to reconceptualise Toronto; INDX, Ten York, and Massey Tower respectively.
INDX Condos overlooking the Graphic Arts Building, image courtesy of Lifetime Developments, Centrecourt Developments
Interest remains high in other corners of the CMA with projects in Etobicoke's Humber Bay Shores, Mississauga's Square One area, Toronto's midtown, North York's City Centre, and Vaughan's nascent centre also at the top of a very long list.