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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





2 August 2019

A monthly rent almost reached the price of one square foot in a new Toronto condo

The recent report by Urbanation says the average price of a pre-sale unit in the GTA went up to $1,000 per square foot for the first time on record since 1981.

In other words, following a 9% hike in 12 months, a single square foot of a new GTA condo now costs almost the same as a month’s studio rent in the area.

According to the Canada Mortgage and Housing Corporation, the average suite rent in the GTA reached $1,018.

Urbanation’s report reviews Q2 2019, when 8,902 new condo units were sold, marking a 77% gain from the previous year.

The region saw more sales during the second quarter only in 2017, when the market reported highly strong activity.

“Such an activity for new condos was pushed up by strong fundamentals including record-low borrowing costs, extremely high population growth, a healthy job market and strict conditions at the resale market, but also a significant demand shift towards low-cost units,” – the report says.

There were 10,484 pre-sale units released in Q2.

In case of a pre-sale, buyers provide a deposit and sign an agreement to purchase the unit later on a certain date. As a rule, it’s when the construction is completed.

The average price of a pre-sale unit in the second quarter was $903 per square foot.

According to Shaun Hildebrand, Urbanation’s president, the remaining unsold units were listed at a price about $100-per-square-foot higher than the selling average, as they were higher-end units.

“Developers tend to increase prices when most units are sold,”- he noted.

 

 

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