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URBANATION

URBANATION REPORTS A RECORD-BREAKING SECOND QUARTER FOR 2011

A major influx of more than 9,000 units from 44 new projects helps smash multiple records

TORONTO – August 4, 2011: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q2-2011 market overview.

The condominium market in the Toronto CMA smashed nearly every existing record in Q2- 2011. The most noteworthy record was for quarterly new condo sales: 9,455 units sold in Q2, topping the previous record high of 6,997 set in Q2-2007 by a whopping 35 per cent.

Q2-2011 also set records for the number of active projects, active units, sold index price, unsold index price, new condominium launches, units and projects under construction, and quarterly unit registrations.

There have been 24,731 new condominium sales over the past 12 months, topping the previous record high of 22,654 set in Q4-2007 by 9 per cent. There were 39,196 condominium units under construction in the Toronto CMA in 153 projects in Q2-2011, a high water mark for the CMA. Just 16 per cent of the 78,142 units in 306 active condominium apartment projects were unsold at the end of the second quarter, a record low.

"These results for Q2 are remarkable, but they will likely bring about more talk of the sustainability of the condominium market," says Ben Myers, Urbanation Executive Vice President and Editor. "But it's clear that the market is not experiencing rapid increases in pricing, which is the hallmark of a real estate bubble. The market is very healthy, as condominium resale activity remains strong, and results from our new UrbanRental report show that condominium rents have improved over the first quarter."

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