The real estate market in Toronto may be cooling down, but as for the condos, it seems like it’s getting more and more up.
According to a new Urbanation report, 12,138 new condominiums were sold between April and June 2017, marking a 62% increase over last year.
“The 21,968 units sold during the first six months of 2017 exceeded 12-month average levels over the last 10 years (19,997 units),” the report says.
Square prices also rose 10% from last year. Among the new units on the market, the average price per square foot was $ 757.
The pre-construction units also sold well, considering that 94% of the new 110,772 units in all stages of development were snatched, according to Urbanation.
The resale units, however, saw a four percent drop in sales. Prices also fell moderately.
“The moderation of resale prices in recent months and the lower potential yields from rental investments due to the high prices of new projects should lead to less frenetic demand in the second half of the year,” says Shaun Hildebrand, Senior vice president of Urbanation.
However, the report indicates that the inventory is still low and the units are not sitting in the market for long.
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