A total of 6,297 new condo apartments were sold across the GTA during the second quarter of this year, representing 11 per cent year-over-year growth.
“The Toronto condo market remains highly absorbed as demand is showing strength across the board,” Shaun Hildebrand, Urbanation’s senior vice president said in a release. “From higher-end product in the core to more entry-level units in the 905 Region, sales and rentals are trending higher.”
The growth, according to Urbanation, was driven by a high absorption of recently completed and under construction units. 56 per cent of 5,737 new launches were absorbed last quarter, marking a two per cent year-over-year increase.
“The Toronto condo market remains highly absorbed as demand is showing strength across the board,” Hildebrand said. “From higher-end product in the core to more entry-level units in the 905 Region, sales and rentals are trending higher.”
Unsold inventory, meanwhile, fell 13 per cent year-over-year to 17,709 units across all development stages. Completed unabsorbed inventory fell to 1,425 units at the end of June, down from a high of 1,647 in March.
Units at occupancy stage were 94 per cent sold, under construction units were 87 per cent sold, and pre-construction units were 67 per cent sold.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Fox Valley, South Baymouth, Schuler, Rosemary, Waiparous
Toronto condo sales continue their summer surge, with sales showing year-over-year growth for Q2 2015.