Google+ FANNY LEE & THE TEAM :Own Homes. Grow Wealth. Pass It On.: Urbanation Projects a New Record Year

Wednesday, November 23, 2011

Urbanation Projects a New Record Year

Key numbers released by Urbanation 2011 Q3 report:

- 6,318 new condos within Toronto Census Metropolitan Area (CMA) were sold 3rd quarter of 2011.  It represents 66% increase from Q3-2010.

- The first 9 months of 2011 recorded a total of 20,964 new condo sales.  It has already exceeded the 2010 year total: 20,491.

- 33 new projects, launched in Q3, contributed 58% (3,694) of new condo sales.  

- Unsold inventory in Q3-2011 is 13,259, almost unchanged from 13, 257 of Q3-2010. 

"Is the new condo market forming a bubble?" a concern that some may have. Ben Meyers, Urbanation Executive V.P. & Editor, has the following assessment:-

“With these unprecedented sales successes continuing and with the increased investor activity, there are concerns that pricing will, or is, rising too rapidly on speculative buying decisions.  However, annual index price growth remains below the five-year average of 8.1 per cent, at 7.4 per cent in the new market, and equal to the five-year average in the resale market (7.6 per cent increase).”

"The majority of buyers that do not intend to occupy the suite they purchased are adopting long-term investment strategies and avoiding short-term market price fluctuations resulting from potential over supply or other factors.”

You could read the full press release here.

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