Stats from the Urbanation Q1-2012 market overview were released today and there are a few juicy ones that really caught our eye.
According to an Urbanation press release, there were 6,070 sales in Q1-2012 in the Toronto condo market, the highest of any first quarter on record.
“Despite the record sales in Q1-2012, Toronto CMA brokers and developers still report anxiety about the future health of the condo market,” said Ben Myers, Urbanation Executive Vice President and Editor, in the press release.
“The probability of a market crash or major price correction is very small, but the prevalence of media coverage for this outcome remains high.”
Here are a few more statistical highlights from the Urbanation report:
- There were 338 active projects in Q1 2012 and 84,698 active units, both are record highs
- 30 per cent of the overall sales came from just four (of 338 active) projects — INDX, Massey Tower and Casa II in Toronto and PSV in Mississauga.
- The average of 18.0 sales per project was lower than in Q1 2011 (18.3) and Q1 2010 (20.4)
- The average sold price index in the Toronto CMA rose to $519 psf, an increase of 2 per cent quarterly and 8.1 per cent annually
- Urbanation notes that the unsold supply is a factor that could potentially derail the condo market; there were 15,554 unsold units at the end of Q1 2012, an increase of 4 per cent quarterly and 27 per cent annually
- As financial institutions, especially Canadian-based institutions, move to tighten lending, resulting project cancellations may mitigate the level of unsold inventory
Another incredibly insightful report from our friends at Urbanation. Way to go folks!