May 9, 2011
Urbanation Inc. released its first-quarter 2011 market overview this morning and it’s good news all ’round! Q1 registered 5,201 new condominium sales – only 214 sales short of the record set over the same period in 2010. “These near record sales in the first quarter of 2011 mark a prelude to an even more vibrant second quarter,” says Ben Myers, Urbanation Executive Vice President and Editor. “This momentum will continue into the second quarter, when an estimated 45 new condominium projects, representing 9,500 units, will launch,” says Myers. “That’s a healthy increase over the just 23 new condominium towers launched in the second quarter of 2010.”
According to Urbanation, there were 7,550 construction starts in the first quarter, bringing the number of suites under construction in the Toronto CMA to a record of 37,706. In another piece of good news the resale market was also strong. In Q1 3,952 units were sold – only 338 fewer than last year’s record.
Urbanation has tracked the Toronto condominium market since 1981.
Go T-dot go!