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Q1-2010 NEW CONDOMINIUM UNIT SALES HIT HIGHEST EVER Q1 NUMBER IN TORONTO CENSUS METROPOLITAN AREA (CMA)

TORONTO, May 3, 2010.

Urbanation, Inc., since 1981 the leading source of information and analysis on the Toronto Census Metropolitan Area - CMA condominium market, today released its Q1-2010 market overview.

Said Urbanation Editor and Executive Vice President Ben Myers, "Q1-2010's 5,415 new condominium sales in the CMA were down slightly from Q4-2009's 6,295 new unit sales, however, Q1's total of new units sold is still the highest-ever number of first quarter new unit sales in the history of the CMA.

"This year's Q1 new unit sales were nearly six times higher than the recession impacted Q1- 2009's new unit sales, an astounding increase of 491 per cent year-over-year," he added.

Average price per square foot (PSF) for all new units sold in the CMA was up only modestly, from $418 in Q1-2009, to $443 in Q1-2010. The unsold units in the market are being offered at $509 PSF on average in the CMA.

Nearly 4,000 condominium units started construction in Q1-2010, equaling the total during the previous nine months, a very encouraging sign for the health of the Toronto market.

Resale volumes also remained strong at 4,290 in Q1-2010, almost double the 2,225 resales in Q1-2009. And resale price appreciation was robust, springing from an average resale price per unit of $280,000 in Q1-2009, to $331,000 in Q1-2010. There were a record number of listings in Q1-2010 and units traded quickly, as the average unit took just 22 days to sell.

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