Tag Archives: condo apartments
May Sales Still Seeing Increases
Greater Toronto Area Realtors reported 4,476 transactions through the Toronto MLS system during the first 14 days of May. This result represented a decline of 9.7% compared to the same period in 2012. Sales declines were larger for the City of Toronto, at 11.4%, versus the surrounding regions where sales were down by 8.6% year-over-year.
Comment: We should also note that new listings were down 3.3% over all, so the decline was more like 6.4% if we take that into account. And really, both 9.7% and 6.4% are marked improvements over Q1′s decline of 17%!
“Despite fewer sales this year compared to last, competition between buyers in most segments of the market remained strong enough to promote annual rates of price growth above the rate of inflation. A household earning the average income in the GTA can comfortably afford the mortgage payments associated with the purchase of an average priced home,” said Toronto Real Estate Board President Ann Hannah.
Comment: And that is all that matters. Price-to-income and rent-to-price ratios be darned.
The average selling price during the first two weeks of May was $543,838 – up by 5.4% in comparison to the same time frame last year. Price growth was strongest for low-rise home types, but positive price growth for condo apartments in the City of Toronto was also reported.
Comment: It would seem that rumours of the condo market’s demise have been greatly exaggerated. Again.
“Continuing the prevailing trend over the last year, the low-rise segment of the market drove overall price growth during the first half of May, as months of inventory remained below historic norms for key home types,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Summary of Toronto MLS Sales and Average Price – May 1–14
City of Toronto (“416″)
2012 Sales: 1,685 | Avg Price: $594,789 | New Listings: 3,499
2013 Sales: 1,901 | Avg Price: $573,137 | New Listings: 3,767
Rest of GTA (“905″)
2012 Sales: 2,791 | Avg Price: $513,077 | New Listings: 5,661
2013 Sales: 3,054 | Avg Price: $480,578 | New Listings: 5,089
All of the GTA
2012 Sales: 4,476 | Avg Price: $543,838 | New Listings: 9,160
2013 Sales: 4,955 | Avg Price: $516,089 | New Listings: 8,856
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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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Toronto Condo Sales Flat in Q3
GTA Realtors release condo market report
Greater Toronto Area Realtors reported 4,541 condominium apartment sales through the Toronto MLS system in the third quarter of 2012. This result represented a 20.5% decline in transactions compared to the third quarter of 2011. Over the same period, the number of new listings was up by more than 6.5% to 11,456.
“The condominium apartment market was the best supplied market segment in the third quarter of this year. Strong condominium apartment completions in 2011 and beginning of 2012 resulted in many investor-held units listed for sale. At the same time, sales dropped off relative to last year as some buyers moved to the sidelines as stricter mortgage lending guidelines resulted in increased costs of home ownership,” said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price for condominium apartments in the third quarter, at $334,204, was flat in comparison to the same period last year.
“With more listings to choose from and fewer sales, condo buyers have not been as aggressive with regard to offers, and sellers have had to price their units competitively. The result was little upward pressure on the average selling price compared to last year. Given the supply of listings currently in the market place, the average rate of price growth for condo apartments should continue to lag price growth for low-rise home types over the next year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
City of Toronto Condo Sales
2012 Sales: 3,219 | Average Price: $357,030
2011 Sales: 4,117 | Average Price: $355,561
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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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- Toronto Real Estate Board — Condo Market Commentary With the exception of a brief downward blip in the…
- Toronto Real Estate Prices Rise While Volume Slows Some households have put their home purchase plans on hold…
Understanding the new normal in the housing market
George Carras – Yourhome.ca
It’s tough to appreciate a new condominium building without standing back from it to gain some perspective. It is equally as difficult to assess what’s happening in the new condominium market without having a similar kind of perspective.
There’s a lot of discussion about the GTA’s new condo market these days, and all that talk can be both healthy and dangerous.
The market does not exist in a vacuum; it is one part of a total new home market that serves the GTA’s rapidly growing population, guided by a provincial policy that is directing the region to grow up, not out.
Builder inventories are an important gauge used by industry professionals to assess the state of the new home market.
Remaining inventory is a measure of the total number of units left unsold at the end of each month in sales centres across the GTA, whether those units are in pre-construction, under construction, or built and unsold.
Lowrise projects are ground-oriented housing projects, like detached homes, semi-detached homes, townhomes and links. Highrise projects are more intensified residential developments, such as condo apartments, lofts and stacked townhomes.
On a monthly basis, RealNet — the official source of new home information for the Building Industry and Land Development Association (BILD) and the Toronto Real Estate Board (TREB) — researches every new home development in the GTA with more than 15 units, both lowrise and highrise.
As of March 31, RealNet’s Highrise Remaining Inventory — which measures the number of unsold units in the GTA — grew to a near record high of 18,369 units.
For a bit of perspective, note that while highrise inventories have returned to the near record high levels set in the fall of 2008, lowrise inventories during that same time period have plummeted by 61% to a near record low of 6,302 units.
Over the long term, total remaining inventories in the GTA — the number of unsold highrise plus lowrise units — has normally been between 25,000 and 30,000 units. The rise in highrise inventories in March led to a 24,671 rise in total inventories.
This represents a new kind of normal for the GTA market. Ten years ago, while the total number of units in builder inventories was roughly the same as today, the composition of that inventory — that is, the types of homes available for consumers to choose from — has become dramatically different.
In March 2002, lowrise homes were the dominant form of new home offerings, representing 65% of total builder inventory. In March 2012, while the GTA housing market is at roughly similar levels of total inventories, there has been a complete reversal in the dominant form of the inventory, with highrise options now representing 74% of builder inventories.
There will always be housing cycles, but what the GTA market has been experiencing is a structural shift away from lowrise housing and toward highrise living. Recognizing that distinction is key for anyone aiming to understand this new normal.
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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.
—————————————————————————————————–
Incoming search terms
Related posts:
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