Canadian Mortgage News
August 4, 2010
New condo sales drop
Toronto's new condo market has apparently cooled down as sales decreased for the first time since 1994.
"Despite the quarter-over-quarter decrease, sales during the past four quarters were near record highs," said Ben Myers, Urbanation executive vice president. "When we consider the rapid sales pace of the six months prior to Q2, the new sales market is softening. Expect a slightly slower sales pace for the remaining two quarters of 2010."
According to Urbanation Inc, a Toronto sales tracking company, there were 4,991 Q2 sales, an eight per cent decrease from the first quarter.
Sales of new condos had posted quarter-over-quarter gains for the past 16 years.
Click HERE for complete article.
Toronto's new condo market has apparently cooled down as sales decreased for the first time since 1994.
"Despite the quarter-over-quarter decrease, sales during the past four quarters were near record highs," said Ben Myers, Urbanation executive vice president. "When we consider the rapid sales pace of the six months prior to Q2, the new sales market is softening. Expect a slightly slower sales pace for the remaining two quarters of 2010."
According to Urbanation Inc, a Toronto sales tracking company, there were 4,991 Q2 sales, an eight per cent decrease from the first quarter.
Sales of new condos had posted quarter-over-quarter gains for the past 16 years.
Click HERE for complete article.