Here is the latest Aura Update
The Toronto Condo BoomWithin the past 15 years downtown Toronto has been transformed by the largest urban construction wave since the 1920s and 30's Manhattan building spree that created the likes of the Chrysler and Empire State Buildings. Toronto's boom is profound and has lead great and not so great minds to ponder the impact of hundreds of towers and skyscrapers built within the core within a short period of time. There are benefits, yes and there are also concerns of capacity and infrastructure. Which takes precedent? A mobile car free workforce, none transit dependent young professionals or an ageing underground sewer and transit infrastructure that can't keep pace. There's no easy choice I guess, choose one or the other, no in between. Doesn't have to be that way I hope. Look south to that future island in the sea, to see our future. No doubt.
Toronto Condo Market - Steep Decline from Huff Post Canada
The evidence is building that Toronto’s long-booming condo market is experiencing a sudden and sharp downturn.
Market research group Urbanation reports that new condo sales in Toronto fell 30 per cent from the second quarter of this year to the third. The year-on-year decline was even steeper: There were 3,317 condo sales in Toronto from July to September of this year, down from 6,318 condo sales in the same period of 2011 — a 47.5-per-cent drop.
If current sales rates continue, new condo sales will be 35 per cent lower this year than last, Urbanation said.
The research group says developers are reacting quickly to the drop, and pulling back on new projects.
“With slowing sales and a record level of unsold inventory in the market in the second quarter, condominium developers reacted quickly by delaying their project launches, especially in the ‘416’ area,” Urbanation executive VP Ben Myers said in a statement. “Just five projects launched in Toronto in Q3-2012, as developers chose to review their pricing assumptions and unit mix”.
No comments:
Post a Comment