Photo: Carlos Pacheco/Flickr
A total of 3,049 new condominium apartments were sold in Toronto in the third quarter of 2013, according to a new Urbanation report released today.
The third quarter sales results for 2013 were down 8 per cent over last year, the smallest decline recorded in more than a year. (Tweet this stat)
Considering the current sales trend and the anticipated number of launches in the fourth quarter, the market research company predicted that approximately 13,000 new units would be sold in Toronto in 2013. (Tweet this fact)
For comparison, Urbanation recorded 17,997 new condo sales in 2012 and 28,190 in 2011, an all time record for the city’s condo market.
“The softer numbers this year should be viewed in the context of the exceptional strength that preceded them,” said Shaun Hildebrand, Urbanation’s Senior Vice President.
“While the recovery towards more normal volumes has been gradual, the industry continues to make the necessary adjustments required to maintain stability in the market, such as reducing inventory build-up, taking a careful approach to new openings and offering more competitive prices.”
Here are some other highlights from the Urbanation report:
- Outside of the 2009 downturn, the third quarter of 2013 saw the lowest number of new project openings for a third quarter in 10 years.
- 11 projects totaling 2,557 units opened in the third quarter of 2013.
- Unsold inventory in Toronto was brought down for the first time in a year to 18,814 units. (Tweet this fact)
- The average sold index price grew by 2 per cent annually to $540 per square foot.
- Resale condominium apartment sales totaled 4,207 units in the third quarter of 2013, up by 23 per cent over the third quarter of 2012.