Toronto’s new condo unit sales hit highest ever for first quarter
June 10, 2010
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The Toronto Census Metropolitan Area (CMA) hit the highest-ever first quarter new unit sales with 5,415 new condominium sales, according to Urbanation’s Q1-2010 market overview.
The 5,415 new sales in this year’s first quarter were down from last year’s fourth-quarter sales of 6,295 new units but were still highest ever for first quarter sales in the history of the CMA.
“This year’s Q1 new unit sales were nearly six times higher than the recession impacted Q1 2009 new unit sales, an astounding increase of 491 per cent year-over-year,” says Urbanation Editor and Executive Vice President Ben Myers.
Average price per square foot for all new units sold in Q1-2010 was $443, up slightly from $418 in the same quarter last year. The unsold units in the market are being offered at an average of $509 per square foot.
Nearly 4,000 condominium units started construction in Q1-2010, equaling the total during the previous nine months.
Resale volumes also remained strong at 4,290 in Q1-2010, almost double the 2,225 resales in Q1-2009. Resale price appreciation was robust, springing from an average resale price per unit of $280,000 in Q1-2009, to $331,000 in Q1-2010. There were a record number of listings in Q1-2010, and units traded quickly, as the average unit took just 22 days to sell.
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