TORONTO: Condo Market Sizzles Again
Condos seem to be bouncing back across most major markets, a sign that we've entered the second half of the ballgame in the multifamily cycle. In Toronto, Urbanation SVP Shaun Hildebrand says the condo market has performed "well above expectations" this year. In Q2 the city saw the third highest volume of condo sales since 2007, with 5,992 new units purchased. "We're on track to get close to 20k sales this year," Shaun tells us. "We were expecting 16k at the most." The bulk of the activity is taking place in the city's core, he points out, a proven market that has minimal competing unsold inventory.