I Felt Like I Had a Partner…

” I recently purchased my first condo in Toronto with David’s expert help. I am so happy with my new home and I 100% owe this to David. He helped me zero in on the type of condo and area that would suit me best. He is professional and very responsive. I really felt like I had a partner guiding me through the real estate game. When I need to sell and buy again, I will be calling David. I highly recommend his services.”

– Jaclyn C.

GTA Condo Market Report Q3 2015

Strong Condo Sales and Price Growth in Q3 2015

Greater Toronto Realtors reported 6,586 condo apartment sales through the MLS in the 3rd quarter of  2015. The number of transactions represented a 10.8% increase compared to 5,986 transactions reported in Q3 2014.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 9.7%. The average selling price in Toronto was $405,865 up 6.2% from Q3 2014.

The number of new listings in the GTA reported in Q3 was up by 6.6% compared to the same period in 2014.

“The condominium apartment segment has been a key contributor to overall growth in GTA home sales this year. With continued sales growth expected in the fourth quarter, we are on track for a new record in condo transactions through TREB’s MLS System this year ,” said Toronto Real Estate Board President Mark McClean.

“ As the absorption rate for condos accelerated over the last year, tighter market conditions have resulted in sustained price growth,” continued McLean.

The average GTA selling price grew in Q3 up by 5.4% from the same time last year to $379,006.

“The condominium apartment market has certainly benefited from an increase in the supply of listings over the last year. However, through the first three quarters of 2015, growth in sales has actually outstripped growth in listings. This suggests that there was a certain amount of pent-up demand for condominium apartments. As new projects have completed, investor-held units listed for sale have been absorbed very quickly by end users, to the point where price growth has remained strong,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q3 at 32 days. Active listings were 6,659 in Q3-down 0.6% from Q3 2014.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very building  specific. The numbers as reported above are averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

There was an increase in the number of condo apartment downtown core rental transactions in Q3 along with the number of units listed for rent.

Many renter households continued to look toward investor-owned condominium apartments to meet their housing needs.

Average rents for popular one-bedroom and two-bedroom units were up slightly on a year-over-year basis.

The condo apartment vacancy rate for Toronto was 1.3% which is very low.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

Please contact me direct , 416-520-6746 or by email, David@DavidStoddard.ca

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Supply of Condos Looks Good for the Next 3 Years

Great article at www.TheStar.com 

The GTA witnessed a record high for condominium completions in 2014, with 25,571 units delivered, surpassing the previous record of 19,534 new units completed back in 2013.

In 2015, condo completions are expected to drop back to 2013 levels, finishing the year at around 19,000 units, with about 15,000 completed by the end of August.

There are 215 new condominium projects currently under construction across the GTA, so the market has a certainty of future supply of more than 50,000 new condominiums over the next three years.

It should be noted that 86 per cent of those units have been pre-sold.

Development in the GTA and across the Greater Golden Horseshoe has been dictated for over a decade now by provincial intensification policy, and this has meant condominiums have played an increasingly important role in the overall housing market. Today condominiums are arguably the last means of affordable new-home ownership. They’ve also been the source of much-needed rental housing in the region.

The GTA requires an additional 13,000 new rental units each year to keep up with demographic requirements, according to estimates from Altus Group.

But purpose-built rental housing has been a very small source of new rental stock in the past decade, accounting for fewer than 1,800 units per year. And while purpose-built rental is likely to increase as more institutional investors are entering that market, condominiums continue to serve as the primary source of new rental supply, about 7,000 units each year.

Please click HERE for the full article.

Here is what you can do next:

David Stoddard Buyer Planning Sessions

 

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.​

GTA Real Estate Market Report September, 2015

Record Home Sales in September 2015

Greater Toronto Realtors reported 8,200 residential sales through the Toronto MLS system in September 2015. The number of transactions in September represented an 2.5% increase compared to 8,001 transactions reported in September 2014. The number of transactions were up for all major home types. Detached homes had the highest average price increase compared with the same time last year.

Toronto MLS system sales through the first nine months of 2015 amounted to $80,331, which also represented a record result and a 9.5% increase compared with the first three quarters of 2015.

The number of new listings reported in September were up by 3.2% compared to the same period in 2014. Active listings were 17,765 in September-down 7.3% from September 2014.

“We are on track for record homes sales reported through TREB’s MLS System this year. Barring a drastic shift in the economy over the next three months, total transactions reported by TREB Members in 2015 are expected to be at or near the 100,000 mark. This is a testament to the importance that GTA households put on home ownership as a long-term investment,” said Toronto Real Estate Board President  Mr. McClean.

The average price in September was up by 9.2% from the same time last year to $627,395. Detached homes continued to lead the way in terms of price increases at 11.2% compared to the same time last year.

“While September was the second straight month where annual growth in new listings outstripped annual sales growth, total active listings at the end of the month still remained below last year’s level. This, coupled with the record pace of sales experienced so far this year suggests that competition between buyers will remain strong as we move into the fourth quarter. Expect strong rates of price growth to continue through the remainder of 2015 and into 2016,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Sales of Toronto (416 area code) condominium apartments increased by 5.6% in September, 2015. The average selling price of a Toronto condo increased by 5.6% from the same time last year to $418,603.

Condominium apartments accounted for 25.0% of total sales in the GTA for September, 2015 while detached homes accounted for 47.3% of the total sales.

Other notable statistics include the average days on the market for September at 22 days, down 12.0%. The sales-to-listings ratio for September was 46.2% which is classified as a seller’s market. A ratio from 24%-28% is considered a balanced market.

Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific, building specific  and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood , on one street or in one building do not indicate that all other neighbourhoods, streets or buildings are experiencing the same results. We are still seeing multiple offers in some areas for the best homes and condos.

Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca

** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.