GTA Condo Market Likely to Grow in 2014
Susan Pigg, business reporter for the Toronto Star and Shaun Hildebrand, senior vice president of Urbanation foresee 2014 as a “New cycle” of condo sales coming to the GTA as developers see confidence returning to the market. The following article explains their view.
“The GTA new condo market is expected to see a slow, steady rebound in sales through 2014, says market research firm Urbanation.
“I think we’re entering into a new cycle in terms of new condo sales,” says Shaun Hildebrand, senior vice president of Urbanation and a long-time market watcher. “We’re moving out of this volatile period and entering a new period of stability.”
Almost 4,300 new condos sold in the fourth quarter of 2013, the best quarter in 1½ years, Urbanation says in a state of the market assessment released Friday.
That brought total new condo sales to 13,797 for 2013, almost 1,000 more units than the market research firm had expected, but still significantly lower than the historic average of 19,000 units over the last five years, and the extraordinary 28,190 sales in 2011.”
“Toronto’s Condo Authority”