For the second consecutive quarter, new condo apartment sales in the Greater Toronto Area have reached a new high.
Urbanation reports that 12,138 units were sold in the second quarter of 2017, a rise of 62% and the highest volume on record for the second quarter. The 12-month sales of 35,954 is 36% higher than the previous 12-month peak of 26,421 set in the first quarter of 2012.
“While the current pace of new condo sales shows a remarkable level of confidence in the GTA housing market, activity has reached an unsustainable level for the near-term. Market fundamentals, however, still appear supportive of prices” said Shaun Hildebrand, Urbanation’s Senior Vice President.