When it comes to sales in new projects being launched in 2019, I believe you’ll see a similar year to 2018. There were 18,148 new construction Condo sales in the GTA for 2018 and just over 35,000 in 2017. Please keep in mind that 2017 was not a normal year and our 10-year average is closer to 23,000 new condo sales in the GTA.
We are still hovering around $1200 per foot in the downtown area and now some of the real center ice projects, by top developers, are garnering $1500-$1600 a foot and even as high as $2000 a foot.
With no shortage of population growth expected in GTA, Toronto’s population is said to reach almost 10 million people by 2041. With that being said, to keep up this main driving force, along with historically low-interest rates, I think you’ll see continued launches throughout the year.