2 November 2018

Sales in the sector of new condos rose by 4% to 4,738 units in Q3, marking the third highest Q3 number in 10 years.

Year-to-date sales reached 14,055 units, which is 46% lower than the record high of 25,839 sales in Q3 2017.

At the same time, resales saw the first growth since Q1 2017, with a 2% annual increase to 5,253 units.

There were record 8,150 new condominium construction starts in the third quarter. As a result, the total number of condos under construction now includes 67,581 units in 236 buildings. Moreover, 95% of projects under construction were pre-sold.

“The condo market has been sowing great results during its transition from the overheated conditions of 2017. Low supply and stable demand are expected to keep supporting the prices. Nevertheless, certain signs of a slower price growth ahead, caused by higher interest rates and a larger number of completions, should be factored when buying investment units”, – noted Shaun Hildebrand, President of Urbanation.