Urbanation released its Q2-2019 condo market results for the Greater Toronto Area this week. It was a robust quarter, following a slower Q1. Here are a few highlights:
– 8,902 condo units were sold across the GTA in Q2-2019. This is the second highest Q2 level on record after Q2-2017 (11,413 sales).
– The average price for all remaining (unsold) inventory in the GTA hit $1,000 psf for the first time ever, representing a 9% year-over-year increase.
– The region saw increased activity in the outskirts, including Hamilton, as a result of purchasers/investors looking for value buys.
– Only 6 projects launched for pre-sale in the former/old City of Toronto (the core). The average opening price was $1,284 psf.
– Average pricing for remaining units in the core is now $1,291 psf. This is the new standard for centrally located housing.