GTA Condo Market Report Q2 2017

Average Condo Price Up Year-Over-Year in Q2 2017

 

Greater Toronto Realtors reported 8,223 condo apartment sales through the MLS in the second quarter of 2017. The number of transactions represented a 8.0% decrease compared to 8,942 transactions reported in Q2 2016.

In the City of Toronto, which accounted for 72% of condo apartment sales in the GTA, sales were down by 7.0%. The average selling price in the City of Toronto was $566,513 up 28.0% from Q2 2016.

The number of new listings in the GTA reported in Q2 was up by 0.7% compared to the same period in 2016. The number of active listings in the GTA reported in Q2 was down by 24.6% compared to the same period in 2016.

“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the contribution of strong annual rates of price growth,” said Toronto Real Estate Board President Tom Syrianos.

The average GTA selling price grew in Q2 up by 28.1% from the same time last year to $532,032.

“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

 

Other notable statistics include the average days on the market for Q2 2017 at 12 days, down from 25 days in Q2 2016.

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 GTA averages. Results in one building do not indicate that all other buildings  are experiencing the same results.

The number of condominium apartments listed for rent in the Q2 2017 was down on a year-over-year basis but by 3.1%. 

 Greater Toronto Area lease transactions in Q2 2017 were in line with Q2 2016.

 With demand for condominium apartment rentals remaining very strong and supply diminishing, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.

 The average one-bedroom rent for the TREB market area as a whole was up by 8.8 per cent on a year-over-year basis to $1,861. The average two-bedroom rent was up by 8.7 per cent to $2,533.

The vacancy rate for a condo apartment in the City of Toronto for Q2 2017 was 1.0%.

 

 

 

Do you have any questions about Toronto Real Estate? Please contact me direct at or by email, David@DavidStoddard.ca

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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.

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GTA Real Estate Market Report June 2017

More Moderate Price Growth in June

Greater Toronto Realtors reported 7,974 residential sales through the Toronto MLS system in June 2017. The number of transactions in June represented a 37.3% decline compared to 12,725 transactions reported in June 2016.

For the region as a whole detached homes in the GTA experienced the largest sales decline at 45.0%.

The number of new listings reported in June was up by 15.9% compared to June 2016. The number of active listings reported in June was up by 59.6% compared to June 2016.

“We are in a period of flux that often follows major government policy announcements pointed at the housing market. On one hand, consumer survey tells us many households are very interested in purchasing a home in the near future, but some of these would-be buyers seem to be temporarily on the sidelines waiting to see the real impact of the Ontario Fair Housing plan. On the other hand, we have existing home owners who are listing their home because they feel price growth may have peaked. The end result has been a better supplied market and a moderating of price growth,” said Mr. Syrianos, TREB’s President.

The average price in June was up by 6.3% from the same time last year to $793,915. Condo apartments in the GTA led the way in terms of an average price increase at 23.2% compared to the same time last year.

“Recent Ipsos survey results suggest that home buying activity in the GTA will remain strong moving forward. The year-over-year dip in home sales we have experienced over the last two months seem to be the result of would-be buyers putting their decision to purchase temporarily on hold while they monitor the impact of the Fair Housing Plan. On the supply side of the market, it certainly looks as though buyers will benefit from more choice in the second half of 2017 compared to the same period in 2016,” said Jason Mercer, TREB’s Director of Market Analysis.

Sales of Toronto (416 area code) condominium apartments decreased by 21.7% in June 2017. The average selling price of a Toronto condo increased by 23.2% in June 2017 from the same time last year to $552,679.

Condominium apartments accounted for 29.7% of total GTA sales in June while detached homes accounted for 43.3% of the total sales.

Other notable statistics include the average days on the market for June at 15 days, down 0.0%. The sales-to-listings ratio for June 2017 was 40.5% 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.

 

For all of your real estate questions please contact me direct (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

Oh, by the way……if you know of someone who would appreciate the level of service I provide, please call me, text me or email me with their name and number. I’ll be happy to follow up and take great care of them.