Mississauga, ON (May 18, 2011) - Improved financial standing among high net worth individuals is the major factor driving strong sales activity at the top end of Canadian housing markets, according to a report released today by RE/MAX.
RE/MAX Ontario-Atlantic Canada and RE/MAX of Western Canada examined 12 major centres from coast-to-coast and found that luxury sales have surged in close to two-thirds of housing markets between January 1 and April 30 of this year, compared to the same period in 2010. Leading in terms of percentage increases over the four-month period were Greater Vancouver (118 per cent) - where foreign investment has also played a major role - Ottawa (59 per cent), Calgary (51 per cent), Halifax-Dartmouth (27 per cent), Winnipeg (24 per cent), Hamilton-Burlington (13 per cent) and Greater Toronto (nine per cent). Six of the seven major cities - with the exception of Calgary - are poised to set new records in top-end activity by year-end. Several are just short of peak levels reported in 2010, such as Victoria, Regina, and London-St. Thomas.
Wednesday, May 18, 2011
Monday, May 9, 2011
Urbanation states Condo market still strong!
CONTACT: Vicki Griffiths
Vicbar Marketing Limited
416-510-0073
vgriffiths@vicbarmarketing.com
URBANATION PROJECTS BUOYANT FIRST QUARTER
IS PRELUDE TO STRONGER SECOND QUARTER IN
CONDO SALES
Q1 – 2011 also marks a significant 7,550 construction starts with record
37,706 suites under construction in Toronto CMA
TORONTO – May 9, 2011: Urbanation Inc., the leading source of information and
analysis on the Toronto condominium market since 1981, today released its Q1-2011
market overview.
The Toronto CMA new condominium market kicked off 2011with a bang, with 5,201
sales. That was just 214 sales shy of the record first quarter result from 2010. The resale
market also showed a strong start in Q1, with 3,952 units sold, just 338 fewer than last
year’s first quarter record of 4,290.
“These near record sales in the first quarter of 2011 mark a prelude to an even more
vibrant second quarter,” says Ben Myers, Urbanation Executive Vice President and
Editor.
The most noteworthy result in the market was the 7,550 construction starts in the first
quarter, while there are now a record number of suites under construction in the Toronto
CMA at 37,706. At the end of Q1-2011, over half of the 284 new condominium
apartment projects and 73,643 units were under construction. Just 17 percent of the new
condominium suites in the CMA were unsold (12,272 units) matching the record low set
in the first quarters of 2010 and 1986.
“This momentum will continue into the second quarter, when an estimated 45 new
condominium projects, representing 9,500 units, will launch,” says Myers. “That’s a
healthy increase over the just 23 new condominium towers launched in the second
quarter of 2010.”
Meanwhile, the 17 new projects that opened in Q1 sold 63 percent of their 3,768 total
units. That number far surpasses the average absorption rate for new projects in their
opening quarters between 2006 and 2010 (49 percent).
Prices also climbed. The average price per square foot of unsold product in the Toronto
CMA new condominium market in the first quarter increased 3 percent from Q4-2010,
and 7 percent annually, to $543 psf. Unsold index pricing was also up in the former City
of Toronto to $650 psf and the Downtown Core to $739 psf.
Prices in the resale market also edged up by 2 percent over Q4-2010 to $382 psf,
increasing the average resale index price in the Toronto CMA by the largest quarterly
margin since the fourth quarter of 2009. Resale index pricing in the former City of
Toronto was $509 psf with Downtown Core prices at $513 psf in Q1-2011.
Resale supply also declined, dropping far lower than the record 10,997 listings from one
year ago to 7,490 resale listings in Q1-2011.
“The major infusion of new units in the second quarter of this year should moderate
pricing increases, but Urbanation expects near record quarterly sales in Q2-2011” Myers
added, “and an elevated level of project registrations, will also keep resale pricing
increases temperate”.
ABOUT URBANATION
Urbanation is Canada’s leading condominium market research company. Since 1981,
Urbanation has analyzed 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 and topic specific
market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
Vicbar Marketing Limited
416-510-0073
vgriffiths@vicbarmarketing.com
URBANATION PROJECTS BUOYANT FIRST QUARTER
IS PRELUDE TO STRONGER SECOND QUARTER IN
CONDO SALES
Q1 – 2011 also marks a significant 7,550 construction starts with record
37,706 suites under construction in Toronto CMA
TORONTO – May 9, 2011: Urbanation Inc., the leading source of information and
analysis on the Toronto condominium market since 1981, today released its Q1-2011
market overview.
The Toronto CMA new condominium market kicked off 2011with a bang, with 5,201
sales. That was just 214 sales shy of the record first quarter result from 2010. The resale
market also showed a strong start in Q1, with 3,952 units sold, just 338 fewer than last
year’s first quarter record of 4,290.
“These near record sales in the first quarter of 2011 mark a prelude to an even more
vibrant second quarter,” says Ben Myers, Urbanation Executive Vice President and
Editor.
The most noteworthy result in the market was the 7,550 construction starts in the first
quarter, while there are now a record number of suites under construction in the Toronto
CMA at 37,706. At the end of Q1-2011, over half of the 284 new condominium
apartment projects and 73,643 units were under construction. Just 17 percent of the new
condominium suites in the CMA were unsold (12,272 units) matching the record low set
in the first quarters of 2010 and 1986.
“This momentum will continue into the second quarter, when an estimated 45 new
condominium projects, representing 9,500 units, will launch,” says Myers. “That’s a
healthy increase over the just 23 new condominium towers launched in the second
quarter of 2010.”
Meanwhile, the 17 new projects that opened in Q1 sold 63 percent of their 3,768 total
units. That number far surpasses the average absorption rate for new projects in their
opening quarters between 2006 and 2010 (49 percent).
Prices also climbed. The average price per square foot of unsold product in the Toronto
CMA new condominium market in the first quarter increased 3 percent from Q4-2010,
and 7 percent annually, to $543 psf. Unsold index pricing was also up in the former City
of Toronto to $650 psf and the Downtown Core to $739 psf.
Prices in the resale market also edged up by 2 percent over Q4-2010 to $382 psf,
increasing the average resale index price in the Toronto CMA by the largest quarterly
margin since the fourth quarter of 2009. Resale index pricing in the former City of
Toronto was $509 psf with Downtown Core prices at $513 psf in Q1-2011.
Resale supply also declined, dropping far lower than the record 10,997 listings from one
year ago to 7,490 resale listings in Q1-2011.
“The major infusion of new units in the second quarter of this year should moderate
pricing increases, but Urbanation expects near record quarterly sales in Q2-2011” Myers
added, “and an elevated level of project registrations, will also keep resale pricing
increases temperate”.
ABOUT URBANATION
Urbanation is Canada’s leading condominium market research company. Since 1981,
Urbanation has analyzed 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 and topic specific
market studies and surveys.
www.urbanation.ca
www.twitter.com/urbanation
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