- 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.
- 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.
Yesterday Urbanation released its Q2-2018 rental report for the Greater Toronto Area. It tracks both purpose-built rentals and condominium rentals, the latter being condominium units that are listed for rent on MLS. The average condo rent, for all unit types across the GTA, is up 11.2% year-over-year to a face rent of $2,302 per month.
Yesterday Urbanation released its Q2-2018 rental report for the Greater Toronto Area. It tracks both purpose-built rentals and condominium rentals, the latter being condominium units that are listed for rent on MLS. The average condo rent, for all unit types across the GTA, is up 11.2% year-over-year to a face rent of $2,302 per month.
The former City of Toronto, which includes downtown, is actually up 13.5%:
Today we released the above rendering for Junction House and announced that sales will begin this fall.
144 condominium homes. A mix of 1, 2 and 3 bedroom suites, including our Two-Storey House Collection and our Laneway House Collection. Prices starting in the $400s.
One of our partners also happened to serendipitously send me this Globe & Mail article today talking about the increasing demand for and shortage of mid-rise housing:
“The market is substantially undersupplied in mid-rise,” said Mr. Hildebrand, who notes that mid-rise projects in the GTA [Greater Toronto Area] were just 31 of 2017’s new launches, accounting for 3,833 units (12 per cent of the total).
“There’s a huge appetite for medium density in Toronto. Many don’t want to live in the downtown core, this buyer is more interested in being in a community and there is a greater propensity to buy larger more livable units.”
Given the huge influx of inquiries we received today after the above announcement was made, I would say that feels right. And our focus at Junction House is very much on “larger and more livable.”
If you’re at all interested in a new home at Junction House, I would encourage you to get on our priority list, here.
But here are the stats that I really wanted to draw your attention to today (figures from the Globe).
According to Urbanation, there were some 384,000 condo apartments in the Greater Toronto Area in 2017 and nearly 1/3 of them were rented out. Given that the Canada Mortgage and Housing Corporation pegs the total number of rental apartments in the GTA at approximately 311,596, condo apartments represent about 40% of all our rental housing stock.
So condo buildings are actually doing quite a bit of heavy lifting when it comes to providing rental housing in this region.
Today we released the above rendering for Junction House and announced that sales will begin this fall.
144 condominium homes. A mix of 1, 2 and 3 bedroom suites, including our Two-Storey House Collection and our Laneway House Collection. Prices starting in the $400s.
One of our partners also happened to serendipitously send me this Globe & Mail article today talking about the increasing demand for and shortage of mid-rise housing:
“The market is substantially undersupplied in mid-rise,” said Mr. Hildebrand, who notes that mid-rise projects in the GTA [Greater Toronto Area] were just 31 of 2017’s new launches, accounting for 3,833 units (12 per cent of the total).
“There’s a huge appetite for medium density in Toronto. Many don’t want to live in the downtown core, this buyer is more interested in being in a community and there is a greater propensity to buy larger more livable units.”
Given the huge influx of inquiries we received today after the above announcement was made, I would say that feels right. And our focus at Junction House is very much on “larger and more livable.”
If you’re at all interested in a new home at Junction House, I would encourage you to get on our priority list, here.
But here are the stats that I really wanted to draw your attention to today (figures from the Globe).
According to Urbanation, there were some 384,000 condo apartments in the Greater Toronto Area in 2017 and nearly 1/3 of them were rented out. Given that the Canada Mortgage and Housing Corporation pegs the total number of rental apartments in the GTA at approximately 311,596, condo apartments represent about 40% of all our rental housing stock.
So condo buildings are actually doing quite a bit of heavy lifting when it comes to providing rental housing in this region.
