Toronto’s condo market holds steady

Even as there are signs greater Toronto’s real estate market is losing a little of its lustre, the condo market appears to be holding steady.
“The big news is that new condo statistics are identical to the same quarter as last year,” said Jane Renwick of Urbanation condo market researchers, which released a report on the GTA market’s first quarter today. “Everybody was worrying if last year’s success was the boom before the bust,” she said. “While sales per project decreased, the same number of buyers showed overall, and that suggests things are holding steady.”

New condo sales came in at 3,433 in the first quarter of 2008 —only eight units less than the same time last year. But those almost identical numbers were spread over 25% more buildings, as the number of projects in the city continues to grow.

Condos tower over low-rise real estate, both in pricing per square foot and number of units sold.

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