Toronto’s new condo market continues to boom with a record 73 per cent year-over-year sales increase in the first quarter of this year. Twice as many new units hit the market compared to the same period last year, in part because there were more developments launched in that period, according to a report by research firm Urbanation. It reported that there were 9,932 condos sold in the first quarter of 2017 in the Toronto area and the remaining inventory of pre-construction condos hit its lowest level in 15 years. “It’s become a very competitive market for condos on the re-sale side,” said Urbanation senior vice-president Shaun Hildebrand. “Buyers are gravitating more and more to pre-construction sales centres as they’re unable to find homes in the re-sale market,” he said.

Source: thestar May 03, 2017 18:22 UTC