GTA condo sales rebound by 50 per cent

New condo sales in the Greater Toronto Area rebounded by 51 per cent in 2014, from a 10-year low in 2013, according to a new report.

Urbanation’s latest condo report found that a total of 21,605 new condos were sold across the GTA last year, representing the third best year for the market, behind 2011 and 2007.

“After taking a break in 2013, new condo buyers were enticed back into the market as pricing and incentives became more competitive across a greater selection of available units,” said Shaun Hildebrand, senior vice president at Urbanation.

“The strengthening resale market and tight rental conditions, combined with lowered expectations for interest rates, should keep the new condo market humming in 2015.”

The report also found:
  • Inventory levels in active development projects were reduced by 10 per cent during the year to a total of 17,972 unsold units.
  • A record 20,809 condos were completed in 2014, bringing down the under construction count to 52,446 units from a high of close to 59,000 units a year ago.
  • The index for average selling prices reached $560 per square feet in the fourth quarter, up 3.6% year-over-year, the strongest rate of growth in two years
  • On the resale front, sales of conds grew by 14% in 2014 to reach a record high of 17,819 units.
Look out for a full report on investing in condos in the March/April issue of CREW.

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