Urbanation Reports “Best Q1 Ever”

Urbanation revealed the stats for the Q1-2012 and reported the “Best First Quarter On Record” in terms of sales in the new condo market, reporting 6,070 sales (compared to 5,201 in Q1-2011).  Perhaps the biggest eye-opener of the report was that an incredible 30% of these sales came from just 4 projects: INDX, Massey Tower, CASA 2 and PSV (in Mississauga).

INDX Condos was one of the hottest selling projects in Q1-2012

It is not surprising that more sales were recorded this year than last.  Our team’s first major project last year was “Peter Street Condominiums” and “PACE”, both of which did not launch until mid April.  This year, both INDX and Massey Tower came out of the games as early as February and got the ball rolling.

The report also emphasizes that investors are becoming increasingly savvy and extremely picky about the condominiums they invest into.  The question becomes; what happens to all the launches that are NOT in the downtown core or along a subway line? What will happen to those neighbourhoods if developers are not confident they can sell enough of the project to secure financing.

Ben Myers, Urbanation’s Executive Vice President and Editor also stated “the probability of a market crash or major price correction is very small, but the prevalence of media coverage for this outcome remains high.”  This disconnect between what is really happening in the market and what the media is reporting is growing every day.

The new condominium market continues to look strong moving forward, with a number of high quality developments in the pipeline such as Canary District, E Condominiums, Ten York, 460 Yonge and 88 Scott.