Q3-2020 GTA CONDOMINIUM MARKET SURVEY

URBANATION MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM

CONTENTS Q3-2020 CONDOMINIUM MARKET SURVEY

Market Overview Market Snapshot 3 Market Highlights 4-9

NEW CONDOMINIUM MARKET

New Condominium Apartment Project Openings 10-14 New Condominium Apartment Project Openings - Project Profiles 15-16 Upcoming Launches '416' & '905" 17-19 Top 10 New Condo Projects by Sales Volume 20 New Condominium Sales Trends 21 New Condominium Absorption and Inventory 22 New Condominium Pricing Trends 23 New Condominium Market By Construction Status 24 Top 10 Municipalities and Submarkets for Development 25

RESALE CONDOMINIUM MARKET

Resale Condominium Sales Trends 26 Resale Condominium Supply Trends 27 Resale Condominium Pricing Trends 28 Top 10 Municipalities and Submarkets for Sales Activity 29 Resale Activity and Growth by Unit Type 30 MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 3

SALES 6,370 units, +30% Y/Y

UNSOLD INVENTORY 12,962 units, -4% Y/Y NEW CONDOMINIUM AVERAGE SOLD PRICE PSF MARKET $884, +9% Y/Y NEW LAUNCHES +162% Y/Y, 74% sold (4,968 units)

OPENING LAUNCH PRICE PSF $1,044, -0.3% Y/Y

SALES 6,405 units, +9% Y/Y

SALES-TO-LISTINGS RATIO 50%, Q3-2019: 67% RESALE AVERAGE DAYS ON MARKET CONDOMINIUM 19 days, Q3-2019: 21 days MARKET ACTIVE LISTINGS 5,885, +132% Y/Y

AVERAGE PRICE PSF $744, +8% Y/Y MARKET HIGHLIGHTS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 4

New condominium apartment sales in the GTA increased 30% year-over-year in Q3-2020 to New Condominium Sales Reach Record Q3 on Growth in 905 Region 6,370 units, reaching a record high for third quarter activity. However, total year-to-date The GTA new condominium market posted impressive results amid the ongoing sales were 22% below last year at 13,454 units. A 74% share of the 6,694 new units pandemic in the third quarter, with sales reaching their highest level of 2020 during launched in Q3 were sold by the end of the quarter, the highest absorption rate for new what is normally one of the quietest periods of the year for sales. As the economy was launches since Q4-2017. Unsold inventory declined 4% year-over-year to 12,962 units, which progressing through the province’s three-stage reopening plan and the resale market was 11% below the 10-year average (14,545 units). Unsold units available at the end of the began staging a sharp recovery from the initial months of lockdown, the new quarter were priced at an average of $1,106 psf across the GTA, up 7% year-over-year. A total condominium market gained steam, although driven entirely by activity in the of 6,816 new condominium apartments reached completion in the GTA in Q3-2020, bringing suburban areas of the GTA. New condo sales in the 905 region increased 106% from a total year-to-date completions to a record 17,596 units — 47% higher than the same period year ago to 3,834 units, representing a record high share (60%) of GTA new condo last year (11,952). sales as activity in the City of (416 region) declined 16% year-over-year.

Recognizing a general shift in housing demand to more suburban locations that was accelerated by the onset of the pandemic, developers ushered in new projects in the 905 during the third quarter, which were very well received. The fourteen projects totaling 4,318 units that launched in the 905 region were 74% sold by the end of the quarter at record prices averaging $915 psf. Evidently, investors and end-users began placing a higher value on less expensive locations outside of central Toronto. However, the more limited number of launches that occurred in the 416 region also performed very well, with 75% of 2,376 units sold in the quarter. Although at $1,275 psf, average sold prices for new Q3 launches in Toronto were somewhat lower than the pre- pandemic average of $1,324 psf in Q1-2020.

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As most units that launched in the City of Toronto during the third quarter were located in in Q4-2019 to a two-year low of $369 psf in Q3-2020, which was still $126 psf higher than the and around the downtown area, their success was a testament to the underlying market gap in Q3-2017 ($242 psf). With unsold inventory in the 905 equal to 5.4 months of supply, confidence in the core, which held up despite Urbanation’s data showing a 12% annual compared to 8.5 months in the 416, price appreciation in the 905 can be expected to decline in average per sf condo rents in the former City of Toronto. However, the confidence continue to outperform in the near-term, further narrowing the gap relative to the 416. among new condo buyers is becoming more evenly spread out across the region, with markets such as and Vaughan starting to routinely record similar new launch sale volumes as the City of Toronto, with prices approaching $1,000 psf.

The 905 markets such as Mississauga and Vaughan have started attracting investors to the same degree as downtown sites by offering large-scale development projects connected to mixed-use areas and newly expanded transit, all at substantial price discounts and higher rental yields relative to projects in the core. Indeed, the extremely strong run-up in prices for downtown new condos in 2017-2018 meant that the outlook for future returns would be harder to achieve. As attention shifted to value-oriented markets, the dynamics of price growth for new condos in the GTA has started to change.

In the third quarter of 2020, the index price for unsold new condominiums in the former City of Toronto grew 4% year-over-year, its slowest pace in five years. Appreciation was slightly better at 5% in the outer 416 municipalities (, , Scarborough), but still only at one-third of the annual growth recorded in the 905 Region at 15%. As a result, the gap between prices in the 416 and 905 is starting to narrow, declining from a high of $433 psf in

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Overall, sales activity for new condominiums has re-aligned with resale volumes in the GTA, restoring the long-term trend between the two markets. Resale activity, which often acts a leading indicator for new sales, stabilized at just under 20,000 units in the four quarters ending Q3-2020, with the market generally in balance with a 50% sales-to-listings ratio and 2.8 months of supply. While annual price growth remained strong in Q3 at 7.5%, this was largely owing to a sharp acceleration in prices in late 2019-early 2020. In fact, on a quarter- over-quarter basis, resale prices were down 1.8%, and have declined 2.4% since the pre- pandemic period in Q1-2020.

By all measures, the former City of Toronto moved to the lower boundary of a balanced market, reaching 4.0 months of supply, with several submarkets having moved past this level and entered into buyer’s market territory. The softness has remained mostly isolated so far, as the outer 416 and 905 markets reported resale supply levels of 2.2 and 1.9 months, respectively. The former City of Toronto is grappling with a record number of active listings at the moment, which stands to rise even higher if the trend towards owners looking to move out of the city and investors trying to exit the market amid plunging rents continues. The question of whether this weakness spreads to other markets in the GTA remains, but if the rental market can provide any useful indication, conditions outside the core continue to remain stable. The decline in resale condo prices over the last six months doesn’t necessarily signal the start of a broader downward trend for the market. Part of the decrease can be attributed to a compositional shift in sales to less expensive markets in the 905 region, which weighs down the average to some degree. Much like the new condo market, the third quarter saw a record share of resale condominium activity occur in the 905 region, reaching 33% as sales increased 12% year-over-year. Interestingly, resales in the former City of Toronto kept a fairly close pace with the 905 as sales grew 10% year-over-year in Q3. However, with listings during the quarter surging by 78%, the sales-to-listings ratio dropped to 41% in the former City of Toronto, compared to 59% in the 905.

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In examining the change in resale condo values in Q3-2020 with the pre-pandemic period in Q1-2020, average prices in the former City of Toronto were down 6.3%. While still up 3.4% on a year-over-year basis, annual growth is sure to turn negative by the first quarter of 2021, potentially showing low double digit declines. How this impacts market psychology will be key, as some investors have continued to hold their properties despite having negative cash flow, banking on appreciation to offset rental losses. On the other hand, record low interest rates generally drive demand for real estate investments, which will create some interesting dynamics in the months ahead. But, with the job market still recovering and immigration levels well below normal, while at the same time new condominium completions continue to remain near record highs into 2021, supply side forces are more likely to continue outweighing demand in the near-term.

In breaking down the change in condo resale values since the pandemic by submarket, the declines have largely followed trends in the rental market, with downtown areas surrounding the financial core and universities impacted the most. However, six month price declines were also recorded in several outer 416 markets, as well as high density areas of Mississauga in the 905 Region. In fact, one of the interesting findings in the data was that regardless of location, price declines since the pandemic were focused on small units and high-rise towers, illustrating both the shift in demand for more space as working from home becomes more common, as well as greater caution with respect to living in heavily populated buildings.

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THE FOLLOWING IS A SUMMARY OF THE Q3-2020 DATA HIGHLIGHTS The average sold index price for new condominium apartments in the GTA was $884 psf in FOR THE GTA AND HAMILTON-GRIMSBY NEW AND RESALE Q3-2020, a 9% rise over Q3-2019 ($813 psf). The average unsold index price reached $1,106 CONDOMINIUM MARKETS: psf, which was a 7% increase from a year ago. The 10-year average rate of appreciation for the sold and unsold index price as of Q3-2020 was 7% and 8%, respectively. In the NEW CONDOMINIUM MARKET Hamilton-Grimsby market, the average sold index price rose 1% year-over-year to $557 psf, Urbanation tracked a total of 443 high-rise condominium apartment projects in the Greater while the average unsold index price rose 2% year-over-year to $607 psf. Toronto Area in Q3-2020, with 345 projects actively marketing with a total of 99,092 units Completions are on track to reach a record level in 2020 with 6,816 units in 21 buildings and an additional 97 projects sold out (and not registered) with 26,108 units. The number of beginning occupancy in Q3-2020, bringing the year-to-date total to 17,596 units, 22% active units jumped with the resurgence in launch activity during the third quarter, while higher than the total number (14,468) completed in 2019. Starts continued at a strong pace units in sold out developments began to noticeably recede due to the record number of in the third quarter with 6,595 units in 25 buildings commencing construction. With units registered in Q3-2020 (7,776 units). There were 16 projects actively marketing in the completions marginally ahead of starts in the quarter, the number of units under Hamilton-Grimsby market area in Q3-2020, with 2,424 units and an additional 6 projects construction stayed near record-levels at 78,156 units. sold out with 673 units. RESALE CONDOMINIUM MARKET New condominium apartment sales rebounded from a pandemic low in Q2-2020 to a record third quarter volume of 6,370 units. Sales were up 30% year-over-year (Q3-2019: 4,887 Urbanation tracked 1,986 resale condominium apartment buildings in the Greater Toronto sales) and 41% higher than the 10-year third quarter average of 4,530 sales. Annualized Area in Q3-2020, accounting for 373,706 units. Newly-registered units totaled 7,776 in 20 sales reached 21,666 units, which was down 6% from a year ago. As no new projects have buildings — a record quarter for registrations. One building, a 124-unit student-oriented launched in the Hamilton-Grimsby market year-to-date, sales activity remained slower project near the main McMaster University campus, 77 Leland, registered in the Hamilton- than a year ago with 69 sales in the market area representing a 53% annual decline. Grimsby market in Q3-2020. Annual sales in the Hamilton-Grimsby market area were down 46% from Q3-2019 with 677 A total of 6,405 resale transactions occurred in the third quarter, 9% higher than a year ago units sold in the past 12 months. (Q3-2019: 5,899 resales). Resale volume was 23% higher than the 10-year Q3 average Spurred by growth in demand late in the second quarter, new projects launched at an (5,210 units). However, the slower resale volume in the preceding quarter kept the annual exceptional pace for the third quarter with 27 projects brought to the market totaling 6,694 resale volume over the past 12 months down 9% year-over-year at 19,257 units. The units. For comparison, Q3-2019 saw 11 projects launch with 2,556 units. Absorption of new Hamilton-Grimsby market area saw 175 resales in Q3-2020, up 77% year-over-year. units in Q3-2020 was notably strong, with 74% of all units launched sold during the Annualized resale volume rose 11% in this market area compared to Q3-2019 with 480 quarter, compared to a 63% absorption rate for new launches in Q3-2019. transactions. Unsold inventory decreased 4% year-over-year to 12,962 units in Q3-2020, remaining The sales-to-listings ratio (SLR) saw an uptick to 50% after hitting a five-year low in the relatively stable throughout 2020 at under 13,000 units. In the Hamilton-Grimsby market, previous quarter. Total listings grew at an exceptional scale in the third quarter, rising 45% the 298 units of unsold inventory represented a 45% decline from a year ago (Q3-2019: 538 year-over-year to 12,713 units, a record high. Total listings were 29% above the 10-year units). quarterly average (9,859). Active listings more than doubled at the end of Q3-2020, rising 132% from a year ago to 5,885 units. In the Hamilton-Grimsby market, 300 total listings was double that of Q3-2019 (169 units), with the SLR increasing to 58%. MARKET HIGHLIGHTS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 9

Annual resale index price appreciation slowed from double-digit territory during the Subsequent phases at Cortel Group’s Abeja District and Menkes Developments and first half of the year to 8% in the third quarter, with the average resale index price QuadReal Property Group’s Festival projects will introduce a further 883 units to the falling 2% from Q2 to $774 psf. As the average unit size increased to 846 sf in Q3-2020 Vaughan East submarket, while in the steadily busy Oakville North submarket, three from 811 sf in the preceding quarter, the average end-selling price in the GTA increased projects—5 North – Phase II, The Butler and Nuvo—will bring an additional 618 units to to $655,000, 3% quarterly rise. The average resale price in the Hamilton-Grimsby this market area. market increased 13% year-over-year to $468 psf, with the average end-selling price Urbanation is currently tracking 493,427 units of future condominium supply in the rising 11% to $395,000. , up from 408,117 units a year ago and 455,047 units in the second The average “Days on the Market” (DOM) in the GTA was 19 days, equal to the previous quarter of 2020. A further 18,316 units are proposed in the Hamilton-Grimsby market quarter and down from 21 days in Q3-2019. area. FUTURE CONDOMINIUM MARKET Notable new planning submissions during the third quarter included an official plan and zoning amendment application for a 59-storey tower at 510-528 Yonge Street and After a robust third quarter for new launch activity, the fourth quarter of 2020 appears 7 Breadalbane Street in the Downtown Core submarket. The application by Kingsett to be more subdued in terms of new opening volumes, with the majority of the 28 Capital proposes 481 units excluding 19 rental replacement units. Devron projects with a combined 5,753 units in anticipated openings already launched at the Developments submitted official plan and zoning amendment applications for the time of this report. Launch volumes had exceeded 8,000 units in each of the last three redevelopment of the former Staples Store site at 1140 Yonge Street at Marlborough fourth quarter periods with a peak of 8,989 units added to the market in Q4-2017. Street in the South Midtown submarket. The application proposes a 13-storey building Just under a third of the new units in fourth quarter launches will be in the former City with 66 units. of Toronto with the largest of these being Burke, a 53-storey tower with approximately Overall, the 905 Region saw the most significant new submissions and in some cases, 502 units by Concert Properties at 603 Sherbourne Street in the East Bloor/Village pre-application processes, in terms of total units during Q3-2020. At the west end of submarket. The second largest launch in the former City of Toronto will be the third the GTA, Molinaro Group began the pre-application process for two downtown phase of El-Ad Canada Inc.’s redevelopment of the Galleria Mall at Dupont and Dufferin Burlington adjacent sites in the third quarter. The first is for four towers from 6 to 25- Streets in the submarket. Galleria on the Park 3 is 31-storey tower storeys at 747-793 Brant Street with 850 potential units and the second is for four featuring a flatiron architecture with approximately 430 units. towers from 20 to 35-storey across from the Mapleview Shopping Centre at 1134-1167 The luxury end of the market will see an infusion of boutique developments launch in Plains Road East. Situated at the intertwining of Fairview Road and the QEW, the the fourth quarter. These will include 10 Prince Arthur, a 9-storey project by North Drive second application from Molinaro Group calls for 1,159 units. Developments with 38 units in the The Annex submarket. Further north to the west of , Altree Developments is launching Forest Hill Private Residences, a 9- storey building at Forest Hill Road with 85 units. The smallest of luxury product is rare east of Yonge Street launch—No. 7 Rosedale, a 4-storey building with just 26 units at 7 Dale Avenue at Glen Road in the South Midtown submarket. Q1-2019 Data Highlights MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 10

Q3-2020 NEW CONDOMINIUM APARTMENT PROJECT OPENINGS SUMMARY BY REGION

NEW CONDOMINIUM GTA 416 905

APARTMENT PROJECT OPENINGS 27 13 14

UNITS 6694 2376 4318

SALES 4968 1777 3191

% SOLD 74 75 74

OPENING $ PSF $1,044 $1,271 $919

Y/Y % - $psf -0.3% 6.0% 20.4%

Q3-2020 NEW CONDOMINIUM APARTMENT PROJECT OPENINGS SUMMARY BY UNIT TYPE

% of Total % of % Size Range Type Sales Total Price Range (000's) Units Total Sold (sf) Sales

Studio 450 7% 365 81% 7% 303 - 815 $356 - $950

1B Type 3,679 55% 2,898 79% 58% 418 - 1,138 $396 - $1,300

2B Type 2,224 33% 1,528 69% 31% 615 - 2,745 $537 - $6,549

3B Type 273 4% 153 56% 3% 783 - 3,482 $685 - $6,849

Other* 53 1% 24 45% 0% 958 - 2,125 $711 - $3,700

Total**: 6,679 100% 4,968 74% 100% 303 - 3,482 $356- $6,849

*Includes: Penthouse, 2-storey and Townhouse units **Excludes: Unreleased units Q1-2019 Data Highlights Q3-20 LAUNCHES GTA EAST MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 11

Q1 Condos Calibrex Developments 164 Cemetary Road Uxbridge Units: 12 75% sold, Opening PSF $552

Charing Cross Lancaster Homes 385 Red Arctic Drive Oshawa Units: 110 17% sold, Opening PSF $641 Q1-2019 Data Highlights Q3-20 LAUNCHES GTA CENTRAL MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 12

1414 Bayview Gairloch Developments First Home Keelesdale - Bldg A 1414 Bayview Avenue Daniels Corporation / DiamondKilmer Toronto - North Midtown 2175 Keele St Units: 44 York 48% sold, Opening PSF $1,420 Units: 58 91% sold, Opening PSF $828

The Beverley - The Thornhill Ph 2 First Home Keelesdale - Bldg D Daniels Corporation / Baif Daniels Corporation / DiamondKilmer Developemnts 2175 Keele St 2 Beverley Glen Blvd York Vaughan - Thornhill Units: 45 Units: 208 96% sold, Opening PSF $832 70% sold, Opening PSF $875

321 Davenport Alterra Group 321 Davenport Road Toronto - The Annex Units: 18 30% sold, Opening PSF $2,017

Sanctuary Lofts Artsy - Artworks West Tower CoStone Group Daniels Corporation 1183 Dufferin St 35 Tubman Avenue Toronto - Toronto West Jac Condos Graywood Developments / Phantom Toronto - Downtown East Units: 14 Units: 114 0% sold, Opening PSF $989 Developments 308 Jarvis Street 68% sold, Opening PSF $1,075 Toronto - Downtown East Units: 489 61% sold, Opening PSF $1,270

Carvalo on College 199 Church Clifton Blake CentreCourt Developments 199 Church Street 877 College Street 28 Eastern Toronto - Downtown - Downtown West Alterra Group Units: 484 Units: 23 28 Eastern Avenue 92% sold, Opening PSF $1,360 78% sold, Opening PSF $1,007 Toronto - Downtown East Units: 379 96% sold, Opening PSF $1,221

Empire Quay House Empire Communities 162 Queens Quay East Toronto - Harbourfront Units: 463 59% sold, Opening PSF $1,380 Q1-2019 Data Highlights Q3-20 LAUNCHES GTA NORTH MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 13

Abeja District - Tower I Cortel Group 2901 Rutherford Road Vaughan - Vaughan East Units: 253 100% sold, Opening PSF $810

Abeja District - Tower II 8188 Yonge Cortel Group Constantine Enterprises Inc. / 2901 Rutherford Road Trulife Developments Inc. Vaughan - Vaughan East 8188 Yonge Street Units: 279 Vaughan - Thornhill 93% sold, Opening PSF $829 Units: 282 44% sold, Opening PSF $979

Festival - Landmark Towers Menkes Developments / QuadReal Property Group Interchange Way Vaughan - Vaughan East Units: 656 59% sold, Opening PSF $1,050

181 East Stafford Homes 181 Sheppard Avenue East North York - Units: 185 80% sold, Opening PSF $1,294 Harrington Residences Kaleido Developments 665 Sheppard Avenue West North York - Units: 58 43% sold, Opening PSF $910 Q1-2019 Data Highlights Q3-20 LAUNCHES GTA WEST MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 14

Canopy Towers - Phase 1 Liberty Development Corporation 5081 Hurontario Street Mississauga - Mississauga North Units: 497 Condominiums of Square One District 83% sold, Opening PSF $892 Daniels Corporation / Oxford Properties 395 Square One Drive Artform Mississauga - Mississauga City Centre Emblem Developments Units: 538 86 Dundas Street East 52% sold, Opening PSF $965 Mississauga - Units: 336 83% sold, Opening PSF $925

Westport Edenshaw Developments 28 Ann Street Mississauga - Mississauga South Units: 359 100% sold, Opening PSF $1,001

Upper West Side 2 Branthaven Developments 3220 William Coltson Avenue Distrikt Trailside 2 Oakville - Oakville North Distrikt Developments Units: 356 393 Dundas Street West 85% sold, Opening PSF $859 Oakville - Oakville North Units: 349 90% sold, Opening PSF $853

Dunwest Greenpark Homes 509 Dundas Street West Oakville - Oakville North Units: 146 64% sold, Opening PSF $848

The Bronte Brixton Real Estate / Queensgate Homes 2430 Old Bronte Road Oakville - Oakville North Units: 129 70% sold, Opening PSF $867 Q1-2019 Data Highlights MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 15

199 Church 199 Church (484 units) is a 39-storey tower located slightly south of the corner of Dundas Street East and Church Street, near Ryerson University across from St. Michael’s Basilica. Developed by CentreCourt, the tower will sit atop three-storey Georgian townhomes to be retained on-site. The project launched in mid-July with suites ranging in size from 355 sf to 860 sf with end-selling prices from $503,990 to $1,080,990. A total of 447 units were sold (92%) at a launch average index price of $1,360 psf. Parking is an additional $90,000 and lockers are on a waitlist basis. Occupancy is estimated for October 2023 and maintenance fees are set at $0.69 psf per mo.

Canopy Towers - Phase 1 Canopy Towers – Phase 1 (497 units) is the rst release in a three tower development with a combined total of 1,077 units at 5081 Hurontario Street, north of Eglinton Avenue East and along the future Hurontatio LRT line in Mississauga North. Developed by Liberty Development Corp., this 34-storey tower will be accompanied by 21 and 27-storey buildings, and the development will feature 10,193 sf of retail and commercial space at grade. The current phase includes 497 units, with suites ranging in size from 435 sf to 1,400 sf and end-selling prices from 433,900 to $1.321 million. Parking is an additional $45,000 while locker prices are yet to be determined. Launched in mid-August, a total of 410 units, or 82%, are sold at an opening average index price of $892 psf. Occupancy is anticipated for July 2024 with maintenance fees estimated at $0.59 psf.

Festival - Landmark Tower Festival – Landmark Tower (672 units) is the rst release in a four tower development along Interchange Way, east of Jane Street and south of Highway 7, in the new south Vaughan Metropolitan Centre area (VMC) by Menkes Developments and QuadReal Property Group. The master-planned community will comprise approximately 2,486 units within towers ranging between 48 and 66-storeys. The current phase is a 48-storey tower with 672 units, with suites ranging in size from 322 sf to 837 sf and end-selling prices from $356,000 to $936,000. Parking is an additional $55,000 and lockers are $5,000. Opened in September, a total of 399 units, or 59%, are sold at an opening average index price of $1,050 psf. Occupancy is anticipated for October 2024 with maintenance fees estimated at $0.65 psf per mo. 28 Eastern 28 Eastern (379 units) is a 12-storey building by Alterra Developments Ltd., located in the Corktown Neighbourhood near the historic in the Downtown East Submarket. This project is situated close to Corktown Park and the Cooper Koo Family YMCA. It will include approximately 10,545 sq. ft of commercial space at-grade and an abundance of building amenities including a sculpture garden, off-leash dog park, and on-site car share. Suites range in size from 303 sf to 1,340 sf with end-selling prices from $426,000 to $1,400,000. A total of 364 units were sold (96%) at a launch average index price of $1,221 psf. Parking is an additional $79,000 and EV parking is $89,000, lockers are $6,500. Occupancy is estimated for February 2024 and maintenance fees are set at $0.59 psf per mo.

Westport Westport (359 units) is a 22-storey building by Edenshaw Developments at 28 Ann Street, west of Hurontario Street, situated in Port Credit Village in the Mississauga South Submarket, within a block of the Port Credit GO Station. The development offers units sized 449 sf to 1,135 sf with prices from $488,000 to $1.192 million. It launched in early July and sold all of its 359 units, mostly to investors and some local downsizers, with a launch index price of $1,001 psf. Parking is an additional $65,000 and lockers are $6,000. Occupancy is anticipated for September 2023 with maintenance fees estimated at $0.55 psf per mo. Q1-2019 Data Highlights MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 16

Upper West Side 2 Upper West Side 2 (356 units) is the second part of the two building development by Branthaven Homes, containing a combined total of 622 units, and located at 3220 William Coltson Avenue in the new Oakvillage neighbourhood in the North Oakville Secondary Plan area. This 22-storey building offers units sized 466 sf to 1,343 sf with end-selling prices from $419,900 to $819,900 with an average launch index price of $859 psf. Parking and a locker are included in the purchase price. Maintenance fees are set for $0.53 psf per mo. with an occupancy date slated for August 2023. A total of 303 units, or 85%, were sold in the third quarter.

Jac Condos Jac Condos (489 units) is a 34-storey tower at 308 Jarvis Street in the Downtown East Submarket by Graywood Developments and Phantom Developments, overlooking Allan Gardens and Conservatory one block from the main Ryerson University Campus. The project will incorporate the on-site 1902 Beaus Arts heritage house to be home of some amenities including a tech lounge. The tower features suites ranging in size from 335 sf to 1,396 sf and end-selling prices from $449,990 to $1.589 million. Parking is an additional $79,000 and EV parking $89,000 while lockers are $6,000. Launched in mid-August, a total of 300 units, or 61%, are sold at an opening average index price of $1,270 psf. Occupancy is anticipated for January 2024 with maintenance fees estimated at $0.62 psf.

Condominiums at Square One District Condominiums at Square District (538 units) is the rst component of the master-planned redevelopment of lands surrounding the Square One Shopping Centre in downtown Mississauga. This master-planned community by Daniels Corporation and Oxford Properties is planned to include up to 37 buildings and 17,963 residential units split between rental and condominium tenures. The community is situated within a short distance from the future Hurontario LRT and GO Transit station. This rst phase will also include a separate 36-storey rental tower with 402 units, in addition to 8,400 sf of retail planned at-grade. The tower features units sized 425 sf to 872 sf with end-selling prices from $410,900 to $853,900. Parking is an additional $45,000 and lockers are $5,000. Opened in mid-Septmeber, a total of 280 units, or 52%, are sold at an opening average index price of $965 psf. Occupancy is anticipated for July 2024 with maintenance fees estimated at $0.59 psf per mo.

Artform Artform (336 units) is a 17-storey building by Emblem Developments at 86 Dundas Street East in the Cooksville Neighbourhood in the Mississauga East Submarket, one block from the future Hurontario LRT and close to GO Transit service. The project launched in mid-August with suites ranging in size from 475 sf to 885 sf and end-selling prices from $492,000 to $777,000. A total of 279 units were sold (83%) at a launch average index price of $925 psf. Parking is an additional $44,990 and lockers are priced at $4,990. Occupancy is estimated for March 2024 and maintenance fees are set at $0.58 psf per mo.

Empire Quay House Empire Quay House (463 units) is a 21-storey building by Empire Communities, situated at 162 Queen Quay East along the central Harbourfront area across from George Brown College’s waterfront campus, City of Arts and future Waterfront Innovation Centre. The project contains a total of 463 units, and will include approximately 9,171 sq. ft of retail and commercial space at-grade. It launched in early August with suites ranging in size from 339 sf to 1,127 sf and end-selling prices from $475,990 to $1.449 million. A total of 275 units were sold (59%) at a launch average index price of $1,380 psf. Parking is an additional $80,000 and lockers are priced at $7,500. Occupancy is estimated for January 2024 and maintenance fees are set at $0.62 psf per mo. Q1-2019 Data Highlights UPCOMING LAUNCHES FOR Q4 '416' MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 17

10 Prince Arthur MRKT Alexandra Park Burke Junction Point Forest Hill Private Residences

North Drive Investments Tridel Concert Properties Gairloch Developments Altree Developments Prince Arthur Ave & Bedford Rd Denison Ave & Dundas St W Sherbourne St & Howard Ave Dundas St W & Annette St Avenue Rd & St Clair Ave W The Annex Downtown West East Bloor / Village High Park / Swansea South Midtown Est. Units: 38 Est. Units: 172 Est. Units: 502 Est. Units: 111 Est. Units: 85

Galleria on the Westerly Kingsway Crescent No. 7 Rosedale Queen & Ash Park - Phase 3

Platinum Vista Context Developments / RioCan Living Elad Canada Inc. Hollyburn Properties / Tridel Harhay Developments Dale Ave & Glen Rd Queen St E & Ashdale Ave Dupont St & Dufferin St Cordova Ave & Islington Ave Dundas St W & Prince Edward Dr South Midtown Toronto West Etobicoke Centre Etobicoke Kingsway Est. Units: 26 Est. Units: 363 Est. Units: 430 Est. Units: 257 Est. Units: 102

Reina Crosstown Tower III The Dylan Glenhill Perch

Reina Developments Inc. Aspen Ridge Homes Chestnut Hill Homes Lanterra Developments Firmland The Queensway & Wesley St Rd & Eglinton Ave E Glencairn Ave & Hillmount Ave Bathurst St & Glencairn Ave Kingston Rd & Beechgrove Dr Etobicoke South Don Mills North York West North York West Scarborough South Est. Units: 197 Est. Units: 377 Est. Units: 218 Est. Units: 113 Est. Units: 168 Q1-2019 Data Highlights UPCOMING LAUNCHES FOR Q4 '416' MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 18

The Manderly Daniels First Home Keelesdale - Building E

Nova Ridge Daniels Corporation / Diamondcorp / Kingston Rd & Warden Ave Kilmer Keele St & Strathnairn Ave Est. Units: 198 York Est. Units: 45 Q1-2019 Data Highlights UPCOMING LAUNCHES FOR Q3 '905' MUNICIPALITIES MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 19

Abeja District - Festival - Brightwater I & II Twin Regency The Mill Landing Tower III Signature Tower Bradford

Cortel Group Menkes Developments / QuadReal Port Credit Village West Partners Triumpant Group Amico Properties Jane St & Rutherford Rd Interchange Way & Highway 7 Mississauga Rd & Lakeshore Rd W 8th Line & Wood Cres Mill St & Main St S Vaughan - Vaughan East Vaughan East Mississauga South Bradford - West Gwillimbury Halton Hills Est. Units: 260 Est. Units: 623 Est. Units: 310 Est. Units: 230 Est. Units: 169

The Berkshire The Butler Nuvo 5North - Phase II Residences Trend Living Boutique

Mattamy Homes Fernbrook Homes / Mayfair Fernbrook Homes / Crystal Homes Rise Developments New Horizon Homes Kaitting Tr & Dundas St W Dundas St W & Trafalgar Rd Old Bronte Rd & Dundas St W Maurice Dr & Rebecca St Dundas St E & Evans Rd Oakville North Oakville North Oakville North Oakville South Hamilton - East/Mountain/Suburbs Est. Units: 113 Est. Units: 181 Est. Units: 324 Est. Units: 56 Est. Units: 75 Q1-2019 Data Highlights TOP 10 NEW CONDO PROJECTS BY YTD SALES VOLUME MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 20

1. No. 55 Mercer 2. 88 Queen 3. Oro at Edge Towers 4. 199 Church 5. Canopy Towers - Phase 1

CentreCourt Developments St. Thomas Developments Solmar Development Corporation CentreCourt Developments Liberty Development Corporation Entertainment District Downtown East Mississauga City Centre Downtown East Mississauga North AVG. Sold Price $1,447 psf AVG. Sold Price $1,301 psf AVG. Sold Price $1,012 psf AVG. Sold Price $1,392 psf AVG. Sold Price $892 psf Total Units 538 Total Units 569 Total Units 617 Total Units 484 Total Units 497 YTD Sales 526 YTD Sales 514 YTD Sales 453 YTD Sales 447 YTD Sales 410 98% Sold 89% Sold 73% Sold 92% Sold 82% Sold .

6. Festival - Landmark Tower 7. untitled Toronto - 8. 28 Eastern 9. Westport 10. Notting Hill - Phase 2 South Tower

Menkes Developments / QuadReal Reserve Properties / Westdale Alterra Group Edenshaw Developments Lanterra Developments Property Group Properties Downtown East Mississauga South Vaughan - Vaughan East North Midtown AVG. Sold Price $1,221 psf AVG. Sold Price $1,019 psf AVG. Sold Price $919 psf AVG. Sold Price $1,050 psf AVG. Sold Price $1,269 psf Total Units 379 Total Units 359 Total Units 708 Total Units 672 Total Units 456 YTD Sales 359 YTD Sales 328 Quarter Sales 162 YTD Sales 399 YTD Sales 382 96% Sold 100% Sold 46% Sold 59% Sold 84% Sold Q1-2019 Data Highlights NEW CONDOMINIUM SALES TRENDS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 21

Former City of Toronto Outer 416 905

NEW CONDO SALES, GTA, Q3 15,000 QUARTERLY SALES BY GTA REGION 10,000

12,500

7,500 6,370 10,000 6,065

1,686 4,887 5,000 4,430 4,566 7,500 2,953 3,538 4,919 2,291 5,000 1,909 2,882 2,500 1,903 1,978 2,510 2,840 627 1,598 2,593 1,724 2,500 1,030 1,065 1,216 5,186 1,051 634 1,146 3,834 1,203 866 2,749 305 2,111 2,064 1,885 1,858 2,128 502 0 1,418 770 1,051 675

2015 - 2016 - 2017 - 2018 - 2019 - 2020 - 0 2017 - Q4 2018 - Q1 2018 - Q2 2018 - Q3 2018 - Q4 2019 - Q1 2019 - Q2 2019 - Q3 2019 - Q4 2020 - Q1 2020 - Q2 2020 - Q3 Q3 Q3 Q3 Q3 Q3 Q3

FOUR QUARTER ROLLING SALES, GTA TOP 10 GTA MUNICIPALITIES, BY ACTIVE UNITS 40,000 Toronto 46,375 30,767 30,000 Mississauga 10,320

23,400 23,015 North York 9,143 22,479 21,666 20,000 18,505 Etobicoke 8,587 Vaughan 5,755 10,000 Markham 3,735 Scarborough 3,620 0 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Oakville 3,246 Burlington 1,110 997 Q1-2019 Data Highlights NEW CONDOMINIUM ABSORPTION AND INVENTORY MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 22

ACTIVE NEW UNITS IN DEVELOPMENT, GTA Q3 NEW LAUNCHES (UNITS), GTA

150,000 10,000

6,694

5,000 99,092 3,898 100,000 97,965 90,888 3,079 2,858 86,077 2,407 2,556 77,824 66,475 0 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - 50,000 Q3 Q3 Q3 Q3 Q3 Q3

New Launch % Sold

100%

0 74% 75% 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 63% 63% 63% 58% 49% 50%

25%

0% 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3

25,000 UNSOLD NEW CONDO INVENTORY, GTA MONTHS OF NEW CONDO SUPPLY, GTA

15 20,000

16,659 11

15,000 10 13,491 12,962 11,804 10,652 7.5 7.4 10,000 6.3 6.1 8,232 5 3.7 5,000

0 0 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - Q3 Q3 Q3 Q3 Q3 Q3 Q1-2019 Data Highlights NEW CONDOMINIUM PRICING TRENDS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 23

AVG. NEW CONDO INDEX PRICE PSF, GTA Y/Y% CHANGE AVG. INDEX PRICE PSF, GTA

Avg. Sold Index Price PSF Avg. Unsold Price PSF Avg. Sold Index Price PSF Avg. Unsold Price PSF

$1,250 30% $1,106 29% $1,032 $1,000 $977

$819 20% 19% $750 $884 $813 $572 $596 $633 $574 $580 $568 $748 $539 $668 12% 12% $500 $559 $577 $595 $527 $538 9% 9% $451 $492 10% 7% $250 6% 6% 4% 3% 3%

$0 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 0% 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3

AVG. NEW LAUNCH INDEX PRICE PSF, GTA Y/Y% CHANGE AVG. NEW LAUNCH INDEX PRICE PSF, GTA

416 905 416 905

$1,600 50%

$1,400 34% $1,271 $1,199 24% $1,200 25% 19% 20% $1,074 15% 16% 14% 12% $1,000 $931 $919 7% 6% 0% $800 $763 0% $694 $658 $603 $582 $616 -3% $600 $498 $498 $438 $400 -25%

$200

$0 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Q3 Q3 Q3 Q3 Q3 Q3 Q1-2019 Data Highlights NEW CONDOMINIUM BY CONSTRUCTION STATUS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 24

10,000 Q3 CONDO STARTS, GTA

8,000 6,595 6,000 5,618 5,377 5,308 4,592 4,848 4,000

SUMMARY TABLE BY CONSTRUCTION STATUS 2,000 0 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - Q3 Q3 Q3 Q3 Q3 Q3

Q3 CONDO COMPLETIONS, GTA 10,000

8,000 6,816 6,177 6,000 5,377 4,595 4,000 3,120 3,038 2,000

0 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - Q3 Q3 Q3 Q3 Q3 Q3

Q3 CONDO UNITS UNDER CONSTRUCTION, GTA

100,000

78,156 72,503 75,000 67,282

55,525 49,859 50,038 50,000

25,000

0 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Q1-2019 Data Highlights TOP MUNICIPALITIES AND SUBMARKETS FOR ACTIVE UNITS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 25 Q1-2019 Data Highlights RESALE CONDOMINIUM SALES TRENDS MARKET OVERVIEW NEW CONDOMINIUM RESALERESALE CONDOMINIUM CONDOMINIUM PAGE 26

10,000 Q3 RESALE ACTIVITY, GTA FOUR QUARTER ROLLING RESALE ACTIVITY, GTA 30,000

8,000 6,913 24,510 6,405 25,000 24,133 5,899 6,000 5,592 5,137 5,256 20,846 21,084 20,179 20,000 19,257 4,000 17,261 17,339 16,810 16,393 15,041 2,000 15,000

0

2015 - 2016 - 2017 - 2018 - 2019 - 2020 - 10,000 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Q3 Q3 Q3 Q3 Q3 Q3

QUARTERLY RESALE ACTIVITY BY REGION, GTA TOP 10 MUNICIPALITIES FOR RESALE ACTIVITY, Q3

Former City of Toronto Outer 416 905 Toronto 2,221 7,500 North York 898 Etobicoke 648 2,546 2,221 Mississauga 532 5,000 2,022 1,979 1,922 1,701 2,060 Scarborough 442 1,660 1,517 1,345 2,454 2,092 Markham 1,254 2,015 304 2,500 2,057 1,788 1,842 1,793 1,648 1,676 Vaughan 281 1,368 1,281 1,913 1,862 2,092 Richmond Hill 1,309 1,556 1,284 1,546 232 932 1,104 880 1,023

0 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Burlington 185 Oakville 124 Q1-2019 Data Highlights RESALE CONDOMINIUM SUPPLY TRENDS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 27

TOTAL BUILT CONDO UNIVERSE, GTA Q3 SALES-TO-LISTINGS RATIO, GTA

500,000 100% 90% 400,000 373,706 354,075 80% 336,968 324,575 68% 305,357 70% 67% 289,152 300,000 60% 61% 60% 51% 50% 50% 46% 47% 200,000 43% 42% 40% 38% 30% 100,000 20%

0 10% 2015 - 2016 - 2017 - 2018 - 2019 - 2020 - 0% 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Q3 Q3 Q3 Q3 Q3 Q3

QUARTER END ACTIVE LISTINGS, GTA QUARTER END MONTHS OF RESALE SUPPLY, GTA 8,000 10

6,000 5,885 7.5 4,580 4,461 4,444 4,253 4,316 4,000 3,758 5 3,073 3.7 3.7 2,755 2,942 3.3 2,542 3.2 2.9 2.6 2.6 2,000 2.5 1.4 1.5 1.7 1.4 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 0 2010 - Q3 2011 - Q3 2012 - Q3 2013 - Q3 2014 - Q3 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 0

Q1-2019 Data Highlights RESALE CONDOMINIUM PRICING TRENDS MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 28

AVG. END SELLING RESALE PRICE, GTA Y/Y% CHANGE FOR AVG. END SELLING PRICE, GTA

$800 30%

$700 25% $655K 21.8%

$605K 20% $600 $578K

$531K 15%

$500 10% 9% 8.9% $436K 8.3% $400K 5.3% 4.7% $400 5%

$300 0% 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 2015 - 2016 - 2017 - Q3 2018 - 2019 - 2020 - Q3 Q3 Q3 Q3 Q3

AVG. RESALE INDEX PRICE PSF, GTA Y/Y% CHANGE FOR AVG. RESALE INDEX PRICE PSF, GTA

$900 30% 26.8%

25% $800 $774

$720 20% $700 $690 $648 15% 11.8% $600 10% 7.3% 7.5% $511 6.5% $500 5% 4.3% $457

0% $400 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - 2015 - Q3 2016 - Q3 2017 - Q3 2018 - Q3 2019 - Q3 2020 - Q3 Q3 Q1-2019 Data Highlights TOP MUNICIPALITIES AND SUBMARKETS FOR RESALE GROWTH MARKET OVERVIEW NEW CONDOMINIUM RESALE CONDOMINIUM PAGE 29

Y/Y% CHANGE IN Q3 RESALE ACTIVITY BY MUNICIPALITY Y/Y% CHANGE IN Q3 RESALE ACTIVITY BY SUBMARKET RANKED BY SALES VOLUME RANKED BY SALES VOLUME

40% 75%

61% 26% 23% 20% 18% 17% 17% 50% 10% 10% 6%

0% 25% 20% 19% -1% -3% 14% -8% -8% 10% -10% 3% 3% -15% -20% -17% 0%

-2% Downtown East Downtown West Mississauga City Centre Etobicoke Waterfront Harbourfront Scarborough North Downtown Core Etobicoke Centre Mississauga North North Midtown Entertainment District Cityplace East Bloor/The Village Bayview Village -4% -10% York Etobicoke Mississauga Scarborough Markham Vaughan Richmond Hill Burlington Oakville

Y/Y% CHANGE IN Q3 AVG. RESALE PRICE PSF BY MUNICIPALITY Y/Y% CHANGE IN Q3 AVG. RESALE PRICE PSF BY SUBMARKET RANKED BY SALES VOLUME RANKED BY SALES VOLUME

20% 20% 18.6% 15.6% 15.4% 15.5% 15% 15% 12.7% 11.9% 12.1% 11.9% 11.2% 10% 11% 10.5% 10% 10.4% 10% 10% 6.6% 7.3% 7% 5% 4.2% 3.2% 5% 2.6% 2.8% 3.4% 2% 2.2% 1.2%

0% North York City Centre Downtown East Downtown West Mississauga City Centre Etobicoke Waterfront Harbourfront Scarborough North Downtown Core Etobicoke Centre Mississauga North North Midtown Entertainment District Cityplace East Bloor/The Village Bayview Village

0% Toronto North York Etobicoke Mississauga Scarborough Markham Vaughan Richmond Hill Burlington Oakville

Q1-2019 Data Highlights RESALE CONDOMINIUM BY UNIT TYPE MARKET OVERVIEW NEW CONDOMINIUM RESALERESALE CONDOMINIUM CONDOMINIUM PAGE 30

Q3 RESALE DISTRIBUTION BY UNIT TYPE, GTA Y/Y% CHANGE IN Q3 RESALE ACTIVITY BY UNIT TYPE, GTA

80% Studio 1B 1B + Den 2B 2B + Den 3B & Other

61.6% 3B & Other: 5.7% Studio: 2.7% 60% 79% 2B + Den: 11.7% 1B: 22.3% 40% 35.2%

20% 16.8% 11.8% 5.8% 0%

2B: 30.4% -19.9% -20% 1B + Den: 27.3% Studio 1B 1B + Den 2B 2B + Den 3B & Other

Q3 AVG. RESALE PRICE PSF BY UNIT TYPE, GTA Y/Y% CHANGE IN AVG. Q3 RESALE PRICE PSF BY UNIT TYPE, GTA

$1,500 Studio 4.9% 6.1% 18.6% $1,200 $1,075 1B 5.7% 6.7%

$883 $900 $836 1B + Den 7% $727 $730 $649 $600 2B 5.9% 5.7%

2B + Den 13.3% $300

3B & Other 6.9% $0 Studio 1B 1B + Den 2B 2B + Den 3B & Other 0% 2.5% 5% 7.5% 10% 12.5% 15% 17.5% 20% WE ARE REAL ESTATE

FOR MORE INFORMATIONINSIGHTS ON OUR CUSTOM MARKET STUDIES PLEASE CONTACT SHAUN HILDEBRAND AT [email protected]