Urbanation was founded by in 1981 by Eve Lewis, an industry leader and visionary that saw an emerging market opportunity for high-rise condominiums in Toronto at a time when they were considered a niche product.
After 40 years of tracking the market, condominiums have grown to represent more than half of all new home development, one third of all resale housing activity, and more than one quarter of total rental apartment supply in the Greater Toronto Area
GTA New Condominium Market: 40 Year History
- Annual New Condo Apartment Sales (left axis)
- Avg. Sold Price PSF for Active New Condo Projects (right axis)
How We Got Here
Urbanation launches – there was 88 condo buildings in the GTA totalling 15,011 units. New condo sales totaled less than 2,000 units with average prices less than $150 psf.
The 1980s housing boom saw new condo sales in the GTA peak at nearly 13,000 units.
A record low of only 644 new condominiums were sold in 1990 as the economy entered into a prolonged recession.
New condo prices bottomed out at an average of $161 psf — a nearly 40% drop from the peak in 1989.
New condo sales recovered to a decade high of 8,500 units, with a new record of over 140 new condo projects totaling 23,000 units in development.
New condo sales surpassed 20,000 units for the first time. Total new development activity underway reached 280 projects and over 63,000 units with an average new condo price of $384 psf.
The global financial crisis caused a short-lived decline in the market that saw new condo sales fall below 15,000 units. Nonetheless, prices continued marching above $400 psf.
As the market recovered from the financial crisis, new condo sales soared to a new high of over 28,000 units.
Urbanation expands to begin tracking new purpose-built rentals. At the time, there were 31 rental buildings totaling less than 6,300 units completed during the previous decade and only 13 buildings under construction across the GTA.
New condo sales in the GTA reached a record high of 35,000 units, with pricing surging by over 20% during the year.
The global pandemic resulted in new condo sales falling to a seven year low of roughly 18,000 units. However, low inventory helped new condo prices to reach new highs of nearly $900 psf for sold units and over $1,100 psf for available units. For the first time ever, the 905 Region represented a higher number of sales than the City of Toronto.
CEO and Founder
Eve’s entrepreneurial passion for real estate began with Urbanation, founding the company In 1981. Since then, Eve has advanced the concept that up to date, well-founded research can substantially mitigate many of the risks involved in the development process. Eve’s experience, knowledge and ability to foresee trends in the condominium market continues to advise Urbanation’s overall vision.
Shaun leads the team at Urbanation, armed with a background as an economist and 15 years of experience in residential market analysis. Shaun is a thought leader in the residential development industry and his unique perspectives on the market guide Urbanation’s insights, analytics and research strategy. Shaun is a sought after commentator and presenter on the GTA market and acts a key spokesperson identifying opportunities and risks.
Join Our Team
Join Our Team
We offer new staff the ability to become intricately knowledgeable in the real estate market, working closely with our proprietary data and team of highly skilled and experienced analysts. We are always on the lookout for analysts enthusiastic about the real estate industry with a strong ability to source, interpret, and communicate real estate market information with an exceptional level of detail and insight.
To inquire about available positions, please submit your resume and a cover letter to [email protected]