Urbanation released its Q3-2018 condo market results for the Greater Toronto Area earlier this month.
Here are a few highlights:
– The unsold inventory of new condos in development is currently 33% below the 10-year average of 14,806 units.
– Year-to-date sales of new condominiums decreased to 14,055 units from 25,839 units (same period last year). 2017 was a record year.
– The average price per square foot for new project launches in Q3-2018 was $1,044 psf. This is the first time the average has broken the $1,000 psf mark.
– This is a significant price increase from last year and it is being driven by low supply, stable demand, and rising development/construction costs (my opinion).
– The average unit size for project launches in Q3-2018 was 714 sf.
– The average opening quarter absorption rate remains above 55%. It has been this way since Q1-2016.
For the full press release, click here.