New launches send Q1 condo sales in Toronto up 68%

[TORONTO] Toronto condominium sales had their best March on record, more than doubling from a year ago as new projects stoked demand, according to RealNet Canada Inc.

Sales of new condos jumped to 2,496 units in Canada's biggest city, driving first quarter sales 68 per cent higher to 4,962 from a year ago, the Toronto-based real estate research firm said last week in a report.

Prices dipped to C$548 (S$623.6) per square foot in March from a record high of C$559 in February while the average unit was 797 square feet, up from a record low of 784 sq ft in February.