There are signs the condo market is plateauing.
Urbanation just released its second quarter report, in which it lists a record number of active projects (343) and condo units (87,386) on the market, along with a record number of projects (196) and units (52,695) under construction.
It set these numbers against another record, however: 18,123, the number of condos that remain unsold (though 88 per cent of the condos currently under construction are sold).
The report also finds there were 4,769 new construction sales, which is down 50 per cent from the same quarter last year.
According to Urbanation, there are 13,000 condos scheduled to be completed in the next two quarters, and 28,000 in 2013.
Writer: Bert Archer
Source: Ben Myers, Editor & Executive VP, Urbanation
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