Average sale price for all GTA homes in February hits $1,334,544<\/a><\/strong>\r\n <\/div>\nWhile Zonda Urban is working to confirm this data, Lierman said that her early estimate is \u201ca minimum half of the released units thus far are sold,\u201d which includes some near or fully sold out buildings. The remainder of the launches are more recent and are just starting to write deals. Lierman expects most of these to hit 70 per cent sold within a month, with total sales activity rising as the marketing of the more recent launches progresses.<\/p>\n
\u201cThe rapidity of absorptions has clipped by even what I would call strong selling periods in past quarters,\u201d she said.<\/p>\n
Rising costs, high demand driving developers to launch now<\/h3>\n
It\u2019s not just one reason that is prompting developers to launch new condos sales now as opposed to later this year.<\/p>\n
Lierman explains that low supply, high demand, rising construction costs and development charges in addition to interest rate increases are all influences driving developers to launch now.<\/p>\n
\u201cDevelopers have had many of these projects set to go, so why not launch when conditions are at their most receptive?\u201d she said.<\/p>\n
Lierman anticipates that we\u2019ll see a good pace of launches as we head towards the early summer. Last year and 2020 were atypical periods for market activity, with launches increasing as COVID-19 cases and restrictions eased during the summer months. Should we \u201capproach some sort of normalcy,\u201d Lierman notes that the pre-construction market might see a return to a slower summer for Q3-2022 followed by a typical ramp up into the fall.<\/p>\n
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<\/a>Photo:\u00a05ean Lo<\/a>\u00a0\/ Unsplash<\/a><\/em><\/p>\n