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New Toronto condo sales decline in Q3 2012 due to lack of new launches

08 Nov

There were 3,317 new condominium apartment sales in Toronto in Q3 2012 according to the new Urbanationmarket overview released today.

This represents a 30 per cent decrease from the second quarter figure.

“With slowing sales and a record level of unsold inventory in the market in the second quarter, condominium developers reacted quickly by delaying their project launches, especially in the ‘416’ area,” explained Ben Myers, Urbanation’s Executive Vice President, in a press release.

“Just five projects launched in Toronto in Q3-2012, as developers choose to review their pricing assumptions and unit mix.”

The report also noted the average price of an unsold unit in the Toronto CMA  is sitting at $573 per square foot, an increase of 2 per cent year-over-year. In Toronto proper, the price was $670 per square foot, up from $668 a year ago.

The low number of new launches led to a decrease in unsold inventory in the Toronto CMA from a record high 18,123 in Q2 2012 to 17,182 in Q3.

How will the Toronto market fare in Q4? We’ll have to wait until the new year to find out the official numbers.

Source: Urbanation
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