August 16, 2010
Did you know that the first quarter of 2010 had the highest posted sales results EVER in the Toronto’s Census Metropolitan Area, at 5,415 units?
Did you know that over the past 12 months, according to Urbanation, there was 21,318 new condominiums sold? Ben Myers, the editor and executive VP at Urbanation says “That’s slightly fewer than the dizzy heights achieved during late 2007/early 2008…”
The second quarter was not so hot, which fell for the first time since 1994, by 8%. And, there are a LOT more units coming into stream for the balance of 2010. A LOT! 12,000 new units!
Why the Q2 slowdown? Maybe a misunderstanding of the HST? Job insecurity? General slowing of economic forces in Toronto’s uber-hot market?
Will the condo market fall? Will it bounce back? Will it level out?
With awesome new launches over the next few weeks, such as Bisha Hotel and Residences, Chaz on Charles, Studio on Richmond, Post House, Eleven Superior Condominiums, and 20+ other ones, it will be interesting to watch.
All we can tell you is that many of these projects look very exciting, and we have never seen as much activity and interest on BuzzBuzzHome. As such, we are expecting a steady rest-of-the-year.