UPFRONT

Following a near record year in 2006, the Toronto CMA condominium market continues to show steady growth in the first quarter of 2007.

New Condominium Market

• A total of 3,441 suites were sold in the first quarter of 2007. There were just 8 new project openings this quarter but 55% of the new release of suites sold during the period.
• The overall average index price for new condominium projects in the Toronto CMA increased to $348 psf in Q1-2007 ñ 7.4% higher than one year ago ($324 psf).
• Unsold inventory at the end of Q1-2007 was 10,558 units ñ down 12.5% from the previous quarter (12,061 units).
• At the end of Q1-2007 there were 132 projects (28,636 units) under construction.
• Current projected sales for 2007 are in the range of 14,000 to 15,000 units.

Resale Condominium Market

• There are 918 resale condominium projects with 153,040 suites in the Toronto, CMA.
• 5 condominium projects were newly registered in Q1-2007 adding 705 units.
• There were 3156 resales in Q1-2007, an increase of 2.25% from Q1-2006.

So what's the outlook for the 2007? According to our proposed projects database, upwards of 8,073 new units from 32 project openings could be launched in the second quarter of 2007. Demand for new condominium apartments is strong and likely to remain so for the near future within the environment of stable interest rates, low unemployment and steady net immigration to the CMA.