Toronto Condo Sales
Toronto Real Estate Agents Report Condominium Transactions in Q1
Greater Toronto real estate agents reported 5,027 Toronto condo sales in the first quarter of 2012. This result was up by 2% in comparison to the first quarter of 2011. Over the same period, the number of new listings of condominium apartments was up by 14%.
Comment: Compare this with the house market. Condo listings rise 14%, so prices only go up 2%. House listings go down, so house prices rise over 10%. Prices are tied more to supply and listing inventory than anything else
“With sales increasing moderately year-over-year and listings growing strongly, the Toronto condo market became better supplied in the first quarter. With more choice for buyers in the Toronto condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes,” said Toronto Real Estate Board President Richard Silver.
The average selling price for Toronto condos in the first quarter of 2012 was $334,952 – up by 3.7% from $322,857 in the first quarter of 2011.
“Condominium apartment completions were at the highest level ever in 2011. As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is testament to the fact that demand remains strong for this home type,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Comment: Why do we say investors sold their units? How do we know who the sellers were? It could have been someone who got married since they bought, lost their job, moved to Waterloo – we have no idea why they sold and should not ever assume to know. The fact is, there are a lot of condos for sale, so prices rise slower than with houses – where the supply is much tighter.
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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