Condo sales in Toronto skyrocket

The reasons have to do with restrained pricing and a continued strong demand from investors, according to a report released by Urbanation Inc. on Jan. 31.

The total number of new and resale condo sales in 2010 of 37,041 units was just 3% shy of the historic 2007 record of 38,306 units sold, Urbanation Executive Vice President Ben Myers said in a statement.

“The [2010 fourth quarter] new unit sales were much higher than expected, spurred by tremendous results at a number of new projects openings in the city,” Myers said.

Condo sales were also 27% above the 2008 level of 27,187.

Urbanation said 6,280 new condominium units were sold in the fourth quarter of 2010, nearly double the amount in the third quarter of 3,805. That’s encouraged even more building to occur in the city.

A record-high of 18,221 high-rise condominiums were started during 2010 throughout the Toronto Census Metropolitan Area, Myers said, adding that’s more than twice as many as in 2009. The total number of units under construction is 34,548 in Toronto – part of 132 projects.

A survey of condominium professionals said their major concern going into 2011 was going to be affordability. In new projects the asking price rose 8% annually from $493 to $530 a square foot between 2009 and 2010, according to the report.

The resale market was also up over 2009, jumping 6% from $352 to $374 a square foot by the fourth quarter of 2010.

Myers said Urbanation expects a slight drop off from what he called “the boom conditions” of 2010. Somewhere from 15,000 to 17,000 units will be launched in 2011 in Toronto, according to Urbanation.

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