Greater Toronto Area (GTA) new condominium sales reached their highest Q1 on record with 8,253 units sold, rising 55% year-over-year and exceeding the 10-year average (5,154 sales) by 60%. A record high 94% share of total new condos in development were pre-sold as of Q1-2022, pushing unsold inventory down to an 18-quarter low of 8,726 units.  New condominium demand has been far outweighing supply during the past two quarters, as total sales exceeded the total number of units launched for presale by 4,417 units, resulting in a six-month plunge of 34% for unsold inventory. The 3.1 months of supply on the market in Q1-2022 represented a record low for the GTA new condo market, which coincided with a 16% year-over-year increase in average unsold prices to a new high of $1,381 psf.

Read More: https://www.urbanation.ca/news/344-gta-new-condo-sales-reach-record-high-q1