Toronto Condo Market Better Supplied
Toronto Realtors Release Q2 Condo Market Report
Greater Toronto Realtors reported 6,435 condominium apartment transactions during the second quarter of 2012 – down by 2.6% compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19% in comparison to 2011.
Comment: Now we see a continuing trend, sales volume going down. Last month the entire Toronto real estate market saw a slow down in sales volume. Prices still rose, but fewer properties changed hands. But again, the summer is usually a slower time, historically. Just because the past handful of years have seen a ton of business through the warm months does not mean that this is anything strange. We see the usual long term trend, which bucks the current short term trend. But again, another period of more listings, this is what it is going to take to slow things down. More choice means less stress and upward pressure on prices. More listings and fewer sales will certainly put the brakes on things – MUCH more so than any changes to mortgage rules.
“The Toronto condo market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers,” said Toronto Real Estate Board President Ann Hannah. “The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”
The average price for second quarter condominium apartment sales was $342,212, representing a 3.2% increase over the same period in 2011.
Comment: And rumours of prices falling from the beginning of the year are yet again proven false. To all those who said that lower sales volume last month meant it was now a buyers’ market – wrong. Prices were up in June and are up again this month so far. That does not make a buyers’ market. But with more listings and fewer sales, we could certainly be headed in that direction.
“Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98% of the asking price in less than a month’s time,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Greater Toronto Condo Market Summary
City of Toronto
2012 Sales: 4,529 | Average Price: $364,303
2011 Sales: 4,673 | Average Price: $355,645
2012 Sales: 625 | Average Price: $340,875
2011 Sales: 690 | Average Price: $323,774
2012 Sales: 158 | Average Price: $217,417
2011 Sales: 135 | Average Price: $214,125
Contact the Jeffrey Team for more information – 416−388−1960
Laurin & Natalie Jeffrey are Toronto Realtors with Century 21 Regal Realty.
They did not write these articles, they just reproduce them here for people
who are interested in Toronto real estate. They do not work for any builders.
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