2 May 2019

Nevertheless, higher costs of labour and materials are affecting builders’ cautiousness, especially with several projects being canceled.

Urbanation says the average sold price in Q1-2019 was up by 1.7% from Q4-2018 ($766 psf to $779 psf).

Although an average quarter increase was 2.9% in 2017 and 2018, an annual price gain was 10%, and in case of unsold properties 9% (to $998 psf).

The average price in downtown Toronto, which faces an extremely low supply, went up by 13% from a year ago and reached $1,279 psf.

“Such a weak performance in the sector of new condo sales in Q1 paves the way for a more active second quarter, as we can see project launches increase and the remaining strong demand”, –  noted Shaun Hildebrand, President of Urbanation. “At the same time, we need to admit that the prices growth is slowing down compared to the previous several years”.