In 2008 there were 14,792 new Toronto Condominium sales, up 2 per cent from 2008 according to the research firm, Urbanation. With the first quarter of 2008 starting out very slow the year ended with the third highest number of sales on record for the fourth quarter.
Low interest rates and government incentives plus a spill over from the resale Condo market in Toronto helped purchaser and builders regain their confidence after a terrible first quarter of only 917 new Condo sales.
In 2009 the average price for a new Condo was $435 per square foot versus $414 a year earlier. The average new Toronto Condominium of 1,000 square feet would cost an average of $435,000.
The higher sales of these new Toronto Condominiums was remarkable as there was only 254 projects in 2009 compared with 279 active projects in 2008.
The Canadian Mortgage And Housing Corporation estimate more than 35,000 new Condominium units are under construction and most will be completed in 2010.
