Markham tower bucks condo sales trend
July 10, 2023
Photo: Union city
As sales of new and pre-construction condos in the Greater Toronto Area (GTA) hit a 14-year low in the first quarter of 2023, a new Markham residential tower was meeting aggressive sales targets.
Metropia’s Union City master-planned community in Markham saw its Tower 3 sell 325 units over its first five days, prompting the firm to accelerate its construction timeline.
"The sales results and reception have been beyond what we could have imagined,” Howard Sokolowski, CEO and founder of Metropia, said in the announcement.
“Our promise of unlimited living in Markham-Unionville has translated to unlimited demand for this milestone project and we could not be more humbled by this success. We're very eager to get shovels in the ground and deliver on our vision as soon as possible."
The 12-acre, mixed-use community in York Region—just north of Toronto—consists of three towers. With the first phase of Union City nearly sold out, Metropia says construction is tentatively expected to begin March 2024.
Metropia is a Toronto-based real estate developer active in the GTA and in Calgary, Alberta.
New GTA condo sales plunged 74 per cent year-over-year in the first quarter of 2023 to only 2,360 units. It was the slowest start to a year since the financial crisis in the first quarter of 2009 and a “sharp correction” from 2022’s total of 9,242 sales in the same period.
Unsold inventory climbed to a seven-year high and prices grew at the slowest rate in eight years in the same period, according to Urbanation, a development tracking market research firm. Shaun Hilderbrand, president of Urbanation, is now forecasting a slowdown in condo construction in the GTA.