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Average price of a new condo in Toronto is now above $1,000 psf

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.

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