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.
This past week we opened the doors to the presentation center for Kingston&Co Condominiums. It was pretty chaotic leading up to the opening, but everything worked out and I think our party was a great success.
These early events are an opportunity for the media to see the project and the presentation center, and for the project team to enjoy some of the fruits of their hard work. I think those times are important. When everyone is moving quickly to meet deadlines, sometimes it’s easy for things to get impersonal. So it’s nice to be able to sit back, have a glass of wine, and tell someone that you appreciate all of their hard work.
Below is another photo from the event. I’m the second from the right, wearing a sweaty pink shirt. I had planned to go home and change before the event, but I instead got wrapped up moving things around and getting the presentation center ready. On a related note, there’s a tree trunk beside the sofa in the reception area that weighs almost 400 pounds. If you can lift it on your own, or even just move it on your own, I’ll buy you a round of drinks.
If you’d like to learn more about Kingston&Co, click here. And if you get a chance to check out the presentation center, make sure you tweet me and let me know what you think.
Images: BuzzBuzzHome