With 5,415 new condominium units sold in the first quarter of 2010, the Toronto real estate market has achieved a personal best, the highest-ever number of first quarter new unit sales in history.

This news was released on Monday by Urbanation, Canada’s leading condominium market research company and publisher of Urbanation’s Condominium Market Survey.

“Q1-2010’s 5,415 new condominium sales in the CMA were down slightly from Q4-2009’s 6,295 new unit sales, however, Q1’s total of new units sold is still the highest-ever number of first quarter new unit sales in the history of the CMA,” said Urbanation Editor and Executive Vice President Ben Myers.

“This year’s Q1 new unit sales were nearly six times higher than the recession impacted Q1-2009’s new unit sales, an astounding increase of 491 per cent year-over-year,” he added.

Average price per square foot (PSF) for all new units sold in the CMA was up only modestly, from $418 in Q1-2009, to $443 in Q1-2010. The unsold units in the market are being offered at $509 PSF on average in the CMA.

Nearly 4,000 condominium units started construction in Q1-2010, equaling the total during the previous nine months, a very encouraging sign for the health of the Toronto market.

“Underlying market conditions including potential future interest rate increases, new mortgage rules and to a certain extent misinformation regarding the implementation of the HST, were all factors that affected the increased level of listings in the CMA,” said Myers. “A secondary factor was that many potential sellers did not list their units for sale in the wake of the last year’s recession, despite the strong resale market over the final three quarters of 2009.”