TORONTO, Nov. 19 /CNW/ - "Another staggering quarter" is how Urbanation's
latest Condominium Market Survey describes growth in the Toronto condominium
market from July to September 2007.
In the first nine months of the year, 16,790 new condominium apartments
sold in Toronto, surpassing the annual new condominium sales record of 16,224
units in 2005.
Similarly, the performance of the resale market (11,954 resales)
accounted for more than 92 per cent of last year's record total (13,012) by
the end of the third quarter.
Urbanation Editor and Executive Vice President Jane Renwick said that the
year-over-year price increases in both new sale and resale condominium markets
at the end of Q3-2007 were 10.1 per cent, leading to the conclusion that "the
annual price increase for both markets will likely be in the double digits at
the end of 2007. However, we believe that current pricing levels still offer
excellent 'value for money' to both end users and investors looking to 'hold
Urbanation observes that with a possible 42 new projects slated to open
in the fourth quarter, "Toronto's new condominium market will see over 20,000
new units released and 100 new projects launched, which represents a 20 per
cent growth rate over 2005's previous record launch of 17,343 units and 81 new
project openings in a single year - further securing Toronto's title as the
largest condominium market in North America."
Urbanation is Canada's leading condominium market research firm. Since
1981, the firm has been analysing the Toronto condominium market, publishing
the "industry bible" - Urbanation's Condominium Market Survey. This quarterly
report tracks new, resale and future condominium projects. Urbanation also
provides the development community with essential consulting services, which
include site specific market studies, surveys and focus groups.
For further information:
For further information: David Eisenstadt/Beth Merrick, The
Communications Group Inc., (416) 696-9900 ext. 36 or ext. 40,