Despite an increase in the supply of condos across the Greater Toronto Area, there is a significant decline in new condo sales, according to Urbanation.

In its quarterly Condominium Market Survey released on November 15, experts forecast a total of 13,000 units to be sold in Toronto by the end of 2013. In comparison, 28,190 new condo sales were reported in 2011. This year’s forecast appears to be in line with reports from the second quarter, indicating that the number of unsold new units hit a record high at 18,100, or 20 per cent.

By contrast, the condo rental market has seen a sharp upswing in the number of units rented through the MLS system. The number of transactions is expected to exceed 20,000 units, surpassing the 2011 and 2012 totals.

“We’re seeing some positive early impacts on the market from the increased level of investor-purchased pre-construction condos in recent years,” says Shaun Hildebrand, senior vice-president of Urbanation. “The rapid growth in activity indicates a significant amount of pent-up demand for new rentals.”