According to Urbanation, the total number of Toronto condo sales in the first quarter of 2014 was up five per cent over the average reported from the last five years.

In the census metropolitan area, 5,140 new condominium apartments were sold. This is up from 2,728 during the same period in 2013.

“Toronto’s new condo market has proven resilient in early 2014, although activity remained very centralized and some new projects were likely pulled forward into the first part of the year,” says senior vice-president Shaun Hildebrand. “As sales pick up in the outer 416 and 905 markets, overall volumes will be able to sustain this recent pace.”

The latest data brings the 12-month total for new sales to 16,377, which is below the 10-year average for the region. However, Urbanation reports that unsold inventory has declined to the lowest level since 2012, suggesting that buyers remain confident in the sector. In the resale market, sales totaled 3,482 units in the first quarter, up nine per cent from a year ago.

“Things continue to move in the right direction,” Hildebrand says. “Buyers are gaining confidence and developers remain focused on unwinding inventories and offering competitively positioned new product to the market. Certainly the performance of the resale market has helped to create an overall sense of stability.”