According to a survey carried out by Urbanation Inc. and CondoMapper during the pandemic, the sales of new condominium apartments in the GTA totaled 1,385, which rounds up as the lowest sales volume since the first quarter of 2009 in which only 885 units were sold. The sales of new condos fell by 85% year-over-year as during the quarter, 1,176 units and 6 projects were available for sale. Meanwhile, in Q2-2019, there were 11,415 condos and 40 projects.
During the second quarter of 2020, up to 67% of the units released pre-sale were absorbed. In Q2, $889 per square feet was the average price for the new projects, compared to the Q1-2020 average price for new launches of $1,159 per square feet. According to Urbanation, there was lack of launches during the Q2-2020 in the high-priced market of Downtown Toronto.
Within the Q2-2020, the selling price of launched projects was notably higher than projects that were launched since Q2-2019 in the same subsectors, thereby setting new records for their corresponding markets. In Q2-2020, the prices of the unsold units increased from $1,080 per square feet in Q1-2020 to $1,087 per square feet, which were up 9% year-over-year, and the highest they have ever been.
For units that are available in new condo projects, the average selling prices Across the GTA recorded a high $867 per square feet. This is an increase from the $864 per square feet in Q1-2020 up 8% year-over-year. As the sales improved this quarter, most developers’ confidence increased as sales moved to a virtual set-up. Most of the plans moved into the construction phase and inventories remained low. Looking up trusted and reliable lists for some on sale condos in GTA like Fort York condos for sale is important.
In April, the construction of 7,388 units began, even though the provincial government halted the below-grade construction. This number, when compared to Q2-2019’s 5,094, is up by 45%. Furthermore, the total number of condos under construction was raised to 78,212 units, which is recorded as the second-highest level after Q4-2019’s 78,693.
The 905 Region powered the condo construction growth, which had the number of units being constructed spike to 24,690 from 17,764 units in Q2-2019. In Q2-2020, in the former City of Toronto, the number of units undergoing construction dropped from 39,027 in Q2-2019 to 34,990.
In Q2-2020, 90% of the new condos in the GTA in progress were pre-sold compared to Q2-2019 that only had 88%. The amount of unsold units fell 17% below 15,468 units, the average of the 10-year Q2 numbers after it declined to 12,778 units year-over-year. In Q3, there will be an improvement in the new condo supply because of the success level shown within the recent launches, and the resale market’s stability during COVID-19 has helped pull some project launches that were previously delayed in fall to summer. So far, during Q3, 2,138 units were launched at the end of July. Condo Mapper offers an updated list of condos available on sale in Toronto. If you are looking for a list or record containing perhaps Fort York condos for sale, you can trust Condo Mapper.