By Tess Kalinowski Real Estate Reporter Wed., May 1, 2019 The Toronto region’s hot condo market is seeing a moderation in prices from the soaring highs of the last couple of years, with pre-construction sales volumes hitting a six-year low in the first quarter of 2019, even though cranes from a record number of buildings continue to dot the skyline. That’s because 90 per cent of the record 71,378 condos currently under construction were sold prior to this year. There were only eight new projects, containing a total of 1,829 units, launched in the first quarter of 2019 — a 10-year low — reports Urbanation, a market research firm that tracks the industry. That compares to 4,053 units in the same quarter last year and 6,293 in the first quarter of 2017. The number of units released in the second quarter of this year could rise to about 10,000. How well they sell in the peak spring season will be a good indication of the 2019 market overall, according to Urbanation president Shaun Hildebrand. First-quarter indexed average selling prices rose 1.7 per cent compared to the fourth quarter of last year — to $779 per sq. ft., from $766 —… Read full this story
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