Despite a record number of construction cranes on the horizon, Toronto’s once thriving new condo market hit a dismal sales low in the first quarter of 2009, according to Marty Lapedus.
Number of sales recorded during the first quarter dipped to 917 units – the lowest level since 1996 and a far cry from the high of nearly 7,000 units sold in the second quarter of 2007, the peak. We have experienced a decline of 73% over the performance of last year, of 2008.There are, however currently 36,255 units under construction in the region.
The numbers are not an indicator of the overall health of the industry, pointing out that Toronto’s “real-time” condo market – units that are brand new, already built and ready for occupancy in a registered building – is quite tight and there is more competition to rent condos.