Condo Sales in Toronto are Down.
Despite a record number of construction cranes gracing the horizon, Toronto’s once thriving new condo market hit a dismal sales low in the first quarter of 2009.
The number of sales recorded during the first quarter dipped to 917 units – the lowest level since 1996 and a far cry from the high of nearly 7,000 units sold in the second quarter of 2007, the peak.
It’s a decline of 73% over the performance of last year, of 2008. The market really came to a halt in October, November and we haven’t picked up momentum through the first quarter.At the same time, ground has been broken on some 36,255 units now under construction in the region – a market high point. These are building projects that came to market in 2006 and 2007.
