New Condo Statistic - A record high inventroy but Most Units under Construction Sold (May Edition)

(This Report is prepared by the Real Condo Investors Team)

There were 1,856 new high rise sales in April 2013, down -43% from April 2012 and down -3% from the April 10 year average of 1,906 sales. The best April on record for high rise sales was April 2011 with 3,328 sales.

Through the first 4 months of 2013, unit type market share remained similar to previous years with the most sales being 1 Bedroom + Den units with almost 33% of the market. 1 Bedroom units were next with just over 24% of the market so far in 2013 followed by 2 Bedroom units also at just over 24% market share and then by 2 Bedroom + Den units with almost 9% of year to date sales. Studios are just under 6% of total high rise sales so far this year.

Remaining inventory at the end of April 2013 was 22,136 units. That's a new record high, up +3.3% from last month and up about +21% from April 2012.

Breaking down the new record high 22,136 units of remaining inventory at the end of April by construction status we get 13,154 units (59%) in pre-construction projects; 7,753 units (35%) in projects currently under construction; and 1,229 units (6%) in completed projects.

In the under construction classification, there are currently 242 projects representing some 63,237 units under construction. Therefore with only 7,753 unsold units, the vast majority (88%) of units under construction have been sold. 

Antony Chan

Antony Chan

CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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