Urbanation

The 1980s housing boom saw new condo sales in the GTA peak at nearly 13,000 units. A record low of only 644 new condominiums were sold in 1990 as the economy entered into a prolonged recession. New condo prices bottomed out at an average of $161 psf a nearly 40% drop from the peak in 1989. New condo sales recovered to a decade high of 8,500 units,... with a new record of over 140 new condo projects totaling 23,000 units in development. New condo sales surpassed 20,000 units for the first time. Total new development activity underway reached 280 projects and over 63,000 units with an average new condo price of $384 psf. The global financial crisis caused a short-lived decline in the market that saw new condo sales fall below 15,000 units. Nonetheless, prices continued marching above $400 psf. As the market recovered from the financial crisis, new condo sales soared to a new high of over 28,000 units. Urbanation expands to begin tracking new purpose-built rentals. At the time, there were 31 rental buildings totaling less than 6,300 units completed during the previous decade and only 13 buildings under construction across the GTA. New condo sales in the GTA reached a record high of 35,000 units, with pricing surging by over 20% during the year. The global pandemic resulted in new condo sales falling to a seven year low of roughly 18,000 units. However, low inventory helped new condo prices to reach new highs of nearly $900 psf for sold units and over $1,100 psf for available units. For the first time ever, the 905 Region represented a higher number of sales than the City of Toronto.Read More