Why is this the best time to launch this project?

Please consider the following facts: 

1. New Condo sales in the first half of 2004 declined by 57% from a year ago and 72% below the 10 year average. It was the lowest first half for new condo sales since 1997.

2. Of the 3625 units that were launched for pre-sale in second quarter of 2024 only 17% were sold; an opening quarter absorption rate not seen in over 25 years and less than half of the decade average of 56%. 

3. Around 19000 condos were up for completion between Jan-Aug 2024. Around 12,000 condos were completed in 2023, whereas, only 10,000 condos were completed in 2022. It is projected that the number of new condos will go further up in 2025 besting the 2024 numbers by a considerable margin. 

4. Active condo listings in 2023 were 5,400, whereas in 2024 the number has already crossed 8,400 mark. Thus is approximately 65% increase from previous year. 

5. In August 2024 condo sales dropped by 11% from same period last year. 

6. Resale condo prices (not new condos) in Toronto dropped by about 6%.

7. Resale condo prices on MLS range between $900-$1100 per square foot.

8. Whereas, pre-construction condo prices range approximately between $1300-$1600 per square foot.

---