Condo market remains buoyant, study shows [media clip]

March 08, 2008

New condo launches in the first two months of 2008 nearly doubled those in the first quarter of 2007, according to Urbanation, a Toronto-based condominium market research firm.

Sales for nine new highrise condo projects were launched during January and February, compared to five for the same period last year.

Jane Renwick, Urbanation vice-president and editor of its quarterly report, says 2007 Toronto condo market numbers shattered records with 22,654 new unit sales, compared to 16,114 in 2006.

One of the drivers for new suite sales was the growth in the luxury and `super luxury’ segment, defined as projects selling for more than $600 per square foot.

These units represented 3,784 new units and averaged $844 per square foot.

Last year, 104 new condo projects were launched, breaking 2005’s record of 84. Toronto condo prices rose 11.3 per cent for new units and 15.1 for resale suites, over 2006.

This year, Urbanation forecasts 19,000 sales in the new condo market and 17,000 sales in the resale condo market for 2008.

Renwick says Urbanation expects the general sales momentum of recent years to hold through 2008, although the sales performance of 2007 “will be difficult to duplicate.”

She says the Toronto condo market remains buoyant because of low unemployment, low interest rates, high population growth and positive demographic changes that favour condominium living.

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