Decline In The Supply Of Condos

The amount of available condos in the Greater Toronto Area has gone down in the second quarter of this year, since the year 2010. Urbanation showed in a report that concluded that condos were being sold in the Greater Toronto area, making the percent increase by 26 percent over the year to 7,731. Nevertheless, the list went down by an identical percentage to 13,528, which is the lowest in 10 years of 6.8 months of supply. The percentage of latest projects that were launched decreased by 9 percent of 5,106 units from last year.

The vice president of Urbanation, Shaun Hildebrand said that “With demand for condos in the GTA pressing forward strongly, new projects are being challenged to enter the market in greater volume. Should current conditions persist, price pressures for high-rise units can be expected to build, particularly as low-rise housing remains afflicted by record-low supply.”

In the core of the Greater Toronto Area, the prices went up by 4 percent to $662, and 2 percent over the year to $582 across the province per square foot. The prices in the City of Toronto went up by 7 percent to 724 per square foot, whereby the price of resale increased by 10 percent to $498 per square foot.