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Tag Archives: toronto condo sale

New Toronto condo sales hit record

May 5, 2010   Buying Real Estate, Luxury Real Estate, New Toronto Condos & Lofts, Toronto Condos, Toronto Real Estate

Tony Wong – Toronto Star

In the next few weeks developer David Gerofsky plans to open sales of his Toronto condominium project to the general public.

The problem is, he’s already sold 75% of the building’s 616 suites.

Gerofksy, president of developer Great Gulf Group of Companies, is the man behind the insanely popular One Bloor project. He started selling suites to former buyers of the original project at the beginning of April. Select agents got a crack in the second round; the general public gets to finally take a peek this month.

In other words, if One Bloor were a nightclub, the line-ups would be around the block. And Gerofsky would be the guy at the velvet rope.

“There has been a really fantastic response. It’s the best we could hope for,” said Gerofksy in an interview Monday.

The 65-storey mixed-use building at Bloor and Yonge streets is considered the best prime site in the city. The original project under a different developer was a casualty of the global financial crunch in 2008. Great Gulf bought the land and brought the project to market this year.

Sizzling sales at One Bloor is one reason why condo research firm Urbanation inc. is forecasting that the second quarter of this year could set a record for sales of new condos. Toronto’s condo fever shows little signs of abatement, despite warnings from some analysts that the market may be oversupplied.

New Toronto Condos

Toronto condo sales hit a record in the first quarter of 2010, according to a report by Monday.

Developers sold 5,415 new condominiums in first three months of the year, up 491% or nearly six times more than the recession-impacted quarter of 2009. This represents the highest number of first quarter new unit sales on record, according to Urbanation.

Average price per square foot for all new units sold was up modestly from the fourth quarter of 2009 to $443 from $418. Unsold units on the market are asking an average of $509 per square foot.

Prices at the coveted One Bloor site, which started in the high $700-per-square foot range are now over $800 per square foot.

The sizzling sales also brought out a warning from Urbanation executive vice president Ben Myers against “irrational exuberance” among developers.

“If builders overbuild beyond what the market can absorb, an oversupply situation could potentially re-emerge,” warned Myers.

Myers said the Canadian market has seen the return of investors, some of whom are buying multiple units.

“When things go well developers tend to release bigger projects and jack prices up, which could hurt the market,” said Myers.

However, Great Gulf Executive Vice President Bruce Freeman argues that distinctive buildings with central locations such as One Bloor will retain value.

“We’re not trying to be cocky, but there really is only one One Bloor; it’s the best address in the country,” said Freeman.

Freeman said because sales are ahead of schedule, the company was hoping to “speed things up” and potentially get a ground breaking sooner than expected.

By and large, Canadian developers have held the line on pricing during the recession, said Urbanation’s Myers. The problem is whether builders start to get overly optimistic by raising pricing too quickly, while bringing too much supply to the market.

There were 17 new condo projects in the first quarter of this year, while the second quarter is forecast to see an estimated 30 projects alone.

According to Urbanation, resale condo sales were also healthy, almost doubling the figures of the first quarter of 2009.

Average resale prices were $331,000 in the first quarter of 2010, compared with $280,000 in the same quarter last year.

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Contact the Jeffrey Team for more information  -  416-388-1960

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    Sales still hot despite cooler weather

    November 21, 2009   Buying Real Estate, East Toronto Real Estate, Selling Real Estate, Toronto Real Estate, West Toronto Real Estate

    The Toronto Real Estate Board President’s Col­umn as it appears in the Toronto Star

    Win­ter may be fast approach­ing but there is cer­tainly no cool­ing trend when it comes to the Greater Toronto real estate market.

    In the first two weeks of Novem­ber, Greater Toronto real estate agents reported 3,666 sales, an 84% increase com­pared to the same period a year ago. The aver­age price of GTA homes sold dur­ing this time­frame also grew, by 10%, to $415,066.

    Toronto condo activ­ity was even more extra­or­di­nary. Sales of this hous­ing type increased 90% to 959 trans­ac­tions, with an aver­age price of $296,664, up 15% year over year.

    The City of Toronto expe­ri­enced the high­est increase in sales vol­umes while aver­age price appre­ci­a­tion was con­sis­tent through­out both areas.

    The num­ber of sales in the City of Toronto increased by 88% com­pared to the same period a year ago, reach­ing a total of 1,560 trans­ac­tions. The aver­age price mean­while, climbed to $441,893, a 10% increase from mid-November last year. Toronto condo sales almost dou­bled to 674 trans­ac­tions, an increase of 97% from a year ago. They sold at an aver­age price of $317,939, up 13% year-over-year.

    In the 905 Region sales activ­ity was up 81% over the first half of Novem­ber 2008, total­ing 2,106 trans­ac­tions. The aver­age price of a 905 Region home was $395,195, also up 10% from a year ago. Con­do­minium trans­ac­tions in the 905 Region increased 75% from mid-November last year, to 285 sales. They fetched an aver­age price of $246,351, up 20% year-over-year.

    Year-to-date sales through­out the GTA have increased 11% over last year, to a total of 78,233 trans­ac­tions, putting 2009 on track to fin­ish with some of the best years on record. The aver­age GTA house price has also increased 3% year-to-date, to $393,180.

    Mid-November MLS Sales

    Mid-November MLS Sales

    While it’s rea­son­able for sales in the first half this month to be strong as com­pared to the same period a year ago, when the mar­ket expe­ri­enced a marked decline, such strong price recov­ery is par­tic­u­larly significant.

    I dis­cussed this char­ac­ter­is­tic of the mar­ket with the Toronto Real Estate Board’s Senior Man­ager of Mar­ket Analy­sis Jason Mer­cer, who pointed to afford­abil­ity as an impor­tant factor.

    “Aver­age home prices recov­ered quickly in the GTA com­pared to other cen­tres in coun­tries like the United States because the aver­age priced home remained afford­able rel­a­tive to aver­age house­hold incomes. As con­sumer con­fi­dence in eco­nomic recov­ery improved in the spring, home own­er­ship demand and home prices recov­ered quickly.”

    Accord­ing to Mer­cer, the out­look for next year’s spring hous­ing mar­ket is also favourable.

    “Expect home own­er­ship demand to remain strong in 2010. Mar­ket con­di­tions will bal­ance out next year as more home­own­ers react to the strong sales and price growth reported in the sec­ond half of 2009 and list their home. The aver­age resale home price will grow at a sus­tain­able rate next year.”

    If you’re think­ing of buy­ing or sell­ing a home in the com­ing months I encour­age you to talk to a Toronto real estate agent. For more infor­ma­tion, please visit www​.Toron​to​Re​alEstate​Board​.com.

    Tom Lebour is Pres­i­dent of the Toronto Real Estate Board, a pro­fes­sional asso­ci­a­tion that rep­re­sents 28,000 real estate agents in the Greater Toronto Area.

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    Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

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    GTA real estate market soaring

    November 12, 2009   Buying Real Estate, East Toronto Real Estate, Selling Real Estate, Toronto Condos, Toronto Real Estate, West Toronto Real Estate

    The Toronto Real Estate Board President’s Col­umn as it appears in the Toronto Star

    It has been a red-hot autumn in the Toronto real estate market.

    In the first two weeks of Octo­ber, Greater Toronto Real­tors reported 3,631 sales, a 34% increase com­pared to the same period a year ago. The aver­age price of Toronto homes sold dur­ing this time­frame also grew, by 17%, to $414,479. Toronto condo sales increased 23% to 857 trans­ac­tions, with an aver­age price of $292,439, up 12% year over year.

    The aver­age price increased most sig­nif­i­cantly in the City of Toronto while the 905 Region expe­ri­enced the strongest sales volumes.

    In the City of Toronto the aver­age price climbed to $455,001, a 21% increase from mid-October last year. The num­ber of sales was up 31% com­pared to the same period, reach­ing a total of 1,489 trans­ac­tions. Condo sales in Toronto increased 17% from a year ago, to 589 trans­ac­tions. They sold at an aver­age price of $318,356, up 15% from a year ago.

    In the 905 Region sales activ­ity soared to a 37% increase over the first half of Octo­ber 2008, total­ing 2,142 trans­ac­tions. The aver­age price of a 905 Region home was $386,311, up 14% from a year ago. Con­do­minium trans­ac­tions increased 40% from a year ago in the 905 Region to 268 sales. They fetched an aver­age price of $235,480, up 8% from mid-October last year.

    Year-to-date sales through­out the GTA have increased 6% over last year, to a total of 69,964 trans­ac­tions, putting 2009 on track to fin­ish with some of the best years on record. The aver­age GTA house price has also increased 2% year-to-date, to $389,697.

    Given that a global reces­sion resulted in a sig­nif­i­cant decline in sales activ­ity at this time a year ago, it’s rea­son­able for this autumn’s sales to be strong by com­par­i­son. Sub­stan­tial price gains though, are par­tic­u­larly noteworthy.

    I dis­cussed this char­ac­ter­is­tic of the mar­ket with the Toronto Real Estate Board’s Senior Man­ager of Mar­ket Analy­sis Jason Mer­cer, who pointed to the fac­tors of sup­ply and demand.

    “Encour­aged by record low inter­est rates and improved eco­nomic out­looks, house­holds in the GTA have become increas­ingly con­fi­dent in the home own­er­ship mar­ket since the spring. With demand for resale homes ris­ing and list­ings actu­ally trend­ing lower, it has not been sur­pris­ing to see an accel­er­at­ing rate of home price appre­ci­a­tion on average.”

    Accord­ing to Mer­cer, the out­look for the spring hous­ing mar­ket is also favourable.

    “Home­own­ers will react to the strong price increases expe­ri­enced in the sec­ond half of 2009 and we will see the num­ber of list­ings increase in 2010. I expect to see the aver­age resale price con­tinue to grow at a sus­tain­able rate next year as well.”

    If you’re think­ing of buy­ing or sell­ing a home in the com­ing months I encour­age you to talk to a Real­tor. For more infor­ma­tion, please visit www​.Toron​to​Re​alEstate​Board​.com

    Tom Lebour is Pres­i­dent of the Toronto Real Estate Board, a pro­fes­sional asso­ci­a­tion that rep­re­sents 28,000 Real­tors in the Greater Toronto Area.

    ————————————————————————————————————

    Con­tact the Jef­frey Team for more infor­ma­tion  -  416−388−1960

    ————————————————————————————————————

    Related posts:

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    2. Toronto Real Estate 2009 Year In Review Sales growth in the Toronto Real Estate Board’s dif­fer­ent districts…
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