“Toronto condo numbers set new records” via “Globe and Mail”
Toronto’s condominium market hit another market milestone as the number of proposed apartments in the Greater Toronto Area passed 380,152 units in 2017, according to a study by market analysts Urbanation Inc.
“Proposed” simply means a development application has been submitted, which may or may not be approved. But that figure is up 6.4 per cent from the 2016’s end-of-year tally of 357,090.
If one regarded the figure as a measure of developer interest, it’s up 49 per cent from just five years ago, when, in 2012, there were 253,768 apartments proposed.
That ever-widening pipeline comes as 2017 was a record year for sales. An Altus Group report on the city’s condo market said the 36,429 units sold in the year smashed the previous record set in 2016 (29,132 units).