2 August 2019

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.