Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Toronto Condominium Sales Surge 68% in First Quarter

April 16 (Bloomberg) -- Toronto condominium sales had their best March on record, more than doubling from a year ago as new projects stoked demand, according to RealNet Canada Inc.

Sales of new condos jumped to 2,496 units in Canada’s biggest city, driving first quarter sales 68 percent higher to 4,962 from a year ago, the Toronto-based real-estate research firm said today in a report.

Prices dipped to C$548 ($497) per square foot in March from a record high of C$559 in February while the average unit was 797 square feet, up from a record low of 784 in February.

There are more condos under construction in Toronto than any other North American city according to industry website Skyscraperpage.com, fueling a debate over whether the booming city can absorb supply.

More supply is coming according to the report. There were 4,614 high-rise units launched in the first quarter, up 66 percent from the same quarter in 2013.

Units are set to get pricier as developers pass on costs, according to George Carras, president of RealNet.

“The introduction of new costs into the development equation, particularly development charges, have to be reflected somewhere,” Carras said by phone. “It will likely put more pressure on project design and unit sizes. There’s a pressure for the size to shrink.”

To contact the reporter on this story: Katia Dmitrieva in Toronto at edmitrieva1@bloomberg.net

To contact the editors responsible for this story: David Scanlan at dscanlan@bloomberg.net Jacqueline Thorpe

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.