Photo: Carlos Pacheco/Flickr

The number of unsold new condos across the Greater Toronto Area during the third quarter fell by 11 per cent to 16,743 units.

That’s according to Urbanation’s latest market report, released Thursday, which shows that new condo sales hit 4,753, up 53 per cent from a 10-year low in the same quarter in 2013. It marks the third best summer for new condo sales for the Toronto market, behind only 2011 and 2007.

The drop in unsold inventory will be an encouraging sign for market-watchers fretting over inventory levels in Toronto’s booming condo market.

Urbanation, which tracks the city’s condo market, says the sales boost came from both new project launches during the third quarter and increased sales in pre-existing projects.

The share of total active units in development that have been pre-purchased also increased to a record high of 84 per cent.

Shaun Hildebrand, senior vice-president at Urbanation, said sales figures from this past summer reaffirm that the new condo market in Toronto is on track for one of its best years on record.

“There is still quite a bit of pent up demand that came out of the slowdown last year,” he said. “Should market confidence continue to hold in spite of the recent turmoil in financial markets, this sales momentum will carry into the final months of 2014 and early 2015.”

Follow Kat Sieniuc on Twitter: @katsieniuc

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