57,760 high rise units under construction in the GTA at the end of September 2012. These are 88% sold and scheduled to be completed over the next 4 years (incl. the rest of this year).
31,763 high rise units in pre-construction projects in the GTA at the end of September 2012. These are 61% sold and scheduled to be completed over the next 5 years.
But we have only been able to deliver about 15,000 units in any given year. Is it a construction resource limitation or can we deliver much more in a given year?
Current construction scheduling is indicating almost 35,000 units to be completed next year. That won’t happen as schedules always slide – at the beginning of 2012 the schedules had almost 26,000 being completed this year. Only half that number are going to actually be finished.
But the number, and timing, of completions will have implications for both the condo resale and rental markets and perhaps the condo pre-sale market in the coming years.
I’ll be back with more on this issue in the coming days….