Condo Sales Surge in 905 as Sales Fall in The 416

Centro Condo - Mississauga

A Tale of Two Cities ( 905 vs 416 - The Battle Begins Anew!)

Looks like while all the condo sales launches in the 416 were met with lukewarm success. Projects in the 905 are getting hot and selling like hotcakes. A combination of great location in areas where people want to be in combination with low, low prices is making the 905 hard to resist for buyers of condos, and investors alike. Seems like builders in the Downtown Toronto core have gotten the message and have slowed down on sales launches here, while at the same time, launches in the 905 are ramping up.  A bit of a Dicken's tale here with two cities, or maybe two parts of a city going in two totally different directions.

The Hard Numbers are here courtesy of Urbanation

Market Research for 2012 showed a decresae in condo sales in Toronto (CMA) of about 30%. There were 3317 condominum suites sold from July to September, and only five projects were released within the city during that time frame. 50% of sales can be tied into new project luanches, so if there are fewer project launches there will be few sales. And that's the bottom line. That is what happened in the third quarter for which Urbanation reported figures. Launches in the 905 were actually pretty successful, and they along with the city as a whole are above the absorbortion rate, so the inventory of unsold condos through the Toronto CMA actually declined, which is actually a good thing. And in truth, this is health for the market. Might even allow for a bit of a breather before those flood of new project launches begins again in the spring.

Unsold Inventory in the Toronto market dropped from 18,123 units in the second quarter to 17,182 units at the end of the third quarter.

Centro Project in the Square One Downtown Mississauga Area had excellent sales success and is bring with it a new wave of downtown condominums in Mississauga.




.