From Urbanation..
TORONTO – May 9, 2011: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q1-2011 market overview.
The Toronto CMA new condominium market kicked off 2011with a bang, with 5,201 sales. That was just 214 sales shy of the record first quarter result from 2010. The resale market also showed a strong start in Q1, with 3,952 units sold, just 338 fewer than last year’s first quarter record of 4,290.
“These near record sales in the first quarter of 2011 mark a prelude to an even more vibrant second quarter,†says Ben Myers, Urbanation Executive Vice President and Editor.
The most noteworthy result in the market was the 7,550 construction starts in the first quarter, while there are now a record number of suites under construction in the Toronto CMA at 37,706. At the end of Q1-2011, over half of the 284 new condominium apartment projects and 73,643 units were under construction. Just 17 percent of the new condominium suites in the CMA were unsold (12,272 units) matching the record low set in the first quarters of 2010 and 1986.
“This momentum will continue into the second quarter,
when an estimated 45 new condominium projects, representing 9,500 units, will launch,†says Myers. “That’s a healthy increase over the just 23 new condominium towers launched in the second quarter of 2010.â€
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