Could this property type be an agent’s best bet this year?

by Justin da Rosa03 Feb 2016
If the trend continues, agents in Toronto may see sales of late-stage condo units experience a boom this year.

“Sales in existing developments launched a year or more ago reached a record high of 9,541 units (equal to a 54% absorption rate), with sales of units under construction rising by 19% annually to 5,416 units,” Urbanation said in its fourth quarter Toronto condo sales report. “Units in new projects launched in 2015 were 59% sold by the end of the year, averaging 64% for new launches in the former City of Toronto. Overall, activity in 2015 was boosted by a 23% rise in 905 region sales to 4,871 units.”

Last year, buyers were attracted to units that were nearing completion.

Overall, it was a good year for agents who focus on selling Toronto’s condo market.

“Resale activity for condo apartments hit a record 20,709 sales in 2015, growing 16% from 2014,” Urbanation said. “A seller’s market for resale units emerged in the second half of the year, leading price appreciation to accelerate to 6.5% in Q4-2015 on a per sq. ft. basis. Rental activity within the condo market also reached a high of 27,164 units leased in 2015.”

And the condo market is expected to continue to boom in 2016.

“The market for new condos in the GTA is carrying a lot of momentum into 2016. Interest among investors and demand from end-user buyers is heating up, which we expect will lead to higher sales and increased price growth this year” Shaun Hildebrand, Urbanation’s Senior Vice President, said.

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