Transactions rise 223% from dismal first quarter, but analysts fear glut as thousands rush to market
(Source: The Toronto Star)
The Toronto area’s new condominium market rebounded in the second quarter of 2009 as consumer confidence improved and developers offered incentives to move their units.
But analysts say the market isn’t on firm ground yet. Thousands of units are still under completion and there is a backlog of unsold units.
After three consecutive quarters of negative growth, sales of condos hit 2,963 units in the second quarter, up 223 per cent from the dismal 917 first-quarter sales, according to market research firm Urbanation inc. in a report yesterday.
“This is certainly better than most people had expected,” said Ben Myers, executive vice-president of Urbanation.
Read Tony Wong’s full article “Sales of new condos surge in the spring” in The Star (August 5, 2009).