GTA Condo Market Report Q2 2018

GTA Condo Market Report Q1 2018

GTA Condo Market Report Q4 2017

GTA Condo Market Report Q3 2017

Condo Market Conditions Remain Tight in Q3 2017

 


Greater Toronto area Realtors reported 5,684 condo apartment sales through the MLS in the third quarter of 2017. The number of transactions represented a 28.9% decrease compared to 7,991 transactions reported in Q3 2016.

In the City of Toronto, which accounted for 73.4% of condo apartment sales in the GTA, sales were down by 34.0%. The average selling price in the City of Toronto was $542,492 up 23.0% from Q3 2016.

The number of new listings in the GTA reported in Q3 was down by 10.2% compared to the same period in 2016. The number of active listings in the GTA reported in Q3 was down by 1.0% compared to the same period in 2016.

“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remain strong, as listings remain below last year’s very constrained levels. Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium market is not immune to a listings shortage,” said Toronto Real Estate Board President Tom Syrianos.

“TREB will be paying close attention to the potential impacts of the new OFSI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto. We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.

The average GTA selling price grew in Q3 up by 22.7% from the same time last year to $510,206.

“Condominium apartments will likely account for a greater share of home sales as we move forward. Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments. With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

 

  Other notable statistics include the average days on the market for Q3 2017 at 22 days, down from 25 days in Q3 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 pace of average rent growth continues well-above inflation.

 Greater Toronto Area Realtors reported 8,716 condominium apartment lease transactions in Q3 2017 down by 5.0% from Q3 2016.

 The number of condominium apartments listed for rent in Q3 was down on a year-over-year basis by 3.9%.  

 The average one-bedroom rent for the TREB market area as a whole was up by 11.2 per cent on a year-over-year basis to $1,976. The average two-bedroom rent was up by 7.7 per cent to $2,607.

The vacancy rate for a condo apartment in the City of Toronto for Q3 2017 was 1.0%.

 


 

Do you have any questions about Toronto Real Estate? Please contact me direct at 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.

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

** 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.

 

GTA Condo Market Report Q1 2017

Condo Market Conditions Tightened Further in Q1 2017

 

 

Greater Toronto Realtors reported 7,251 condo apartment sales through the MLS in the first quarter of 2017. The number of transactions represented a 21.7% increase compared to 5,959 transactions reported in Q1 2016.

 In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 18.8%. The average selling price in the City of Toronto was $521,842 up 23.2% from Q1 2016.

 The number of new listings in the GTA reported in Q1 was down by 18.8% compared to the same period in 2016. The number of active listings in the GTA reported in Q1 was down by 63.4% compared to the same period in 2016.

 With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.

 “Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively low price point compared to ground oriented housing options. Given that more than half of intending home buyers are expected to be first-time home buyers in 2017, according to a recent Ipsos poll conducted for TREB, it makes sense that demand for this housing type has remained strong,” said Toronto Real Estate Board Larry Cerqua.

 The average GTA selling price grew in Q1 up by 24.3% from the same time last year to $489,551.

 “Market conditions became much tighter in the condominium market segment over the past year, with sales accounting for a greater share of listings. As competition between buyers increased further, the pace of price growth accelerated,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 Other notable statistics include the average days on the market for Q1 2017 at 16 days, down from 31 days in Q1 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 Q1 2017 was up on a year-over-year basis but by less than 1%. 

 Greater Toronto Area lease transactions were up by 3.5% in Q1 2017 compared to Q1 2016.

 With demand for condominium apartment rentals remaining very strong, 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 7.8 per cent on a year-over-year basis to $1,791. The average two-bedroom rent was up by 6.8 per cent to $2,432.

 The vacancy rate for a condo apartment in the City of Toronto for Q1 2017 was 1.0%.

 

 Do you have any questions about Toronto Real Estate? Please contact me direct at 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.

 

GTA Condo Market Report Q4 2016

Strong Condo Sales and Price Growth in Q4 2016

Greater Toronto Realtors reported 6,831 condo apartment sales through the MLS in the fourth quarter of 2016. The number of transactions represented a 22.3% increase compared to 5,587 transactions reported in Q4 2015.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 22.2%. The average selling price in the City of Toronto was $465,403 up 14.1% from Q4 2015.

The number of new listings in the GTA reported in Q4 was down by 13.4% compared to the same period in 2015. The number of active listings in the GTA reported in Q4 was down by 56.8% compared to the same period in 2015.

With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.

“Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment. Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation,” said Toronto Real Estate Board Larry Cerqua.

The average GTA selling price grew in Q4 up by 14.5% from the same time last year to $437,281.

“First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condominium apartment. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Other notable statistics include the average days on the market for Q4 2016 at 23 days, down from 33 days in Q4 2015.

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 fourth quarter of 2016 was down substantially (-14.2 per cent) compared to Q4 2015. This lack of inventory was at the root of the dip on rental transactions (-5.8 per cent).

With demand for condominium apartment rentals remaining very strong and supply diminishing markedly, 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 7.4 per cent on a year-over-year basis to $1,776. The average two-bedroom rent was up by 8.0 per cent to $2,415.

The vacancy rate for a condo apartment in the City of Toronto for Q4 2016 was 1.0%.

Do you have any questions about Toronto Real Estate? Please contact me direct at 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.

GTA Condo Market Report Q1 2016

Strong Condo Sales and Price Growth in Q1 2016

Greater Toronto Realtors reported 5,974 condo apartment sales through the MLS in the first quarter of 2016. The number of transactions represented a 21.2% increase compared to 4,930 transactions reported in Q1 2015.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 20.0%. The average selling price in the City of Toronto was $423,166 up 9.7% from Q1 2015.

The number of new listings in the GTA reported in Q1 was down by 1.7% compared to the same period in 2015.

“It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. This housing type is an important entry point into home ownership for a lot of GTA households, particularly in the City of Toronto. Recent polling undertaken for TREB by IPSOS suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers ,” said Toronto Real Estate Board  Mr.  McLean.

The average GTA selling price grew in Q1 up by 8.1% from the same time last year to $393,589.

“While the condominium apartment  market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Other notable statistics include the average days on the market for Q1 at 31 days. Active listings were 5,245 in Q1-down 15.9% from Q1 2015.

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.

There were 6,458 condominium apartment rental transactions reported through TREB’s MLs system during Q1 2016. This result represented a year-over-year increase of 6.5% compared to Q1 2015.

Tighter market conditions translated into strong average annual rates of rent growth. GTA-wide, average one-bedroom and two-bedroom rents were up by more than the rate of inflation.

The vacancy rate for a condo apartment in the City of Toronto for Q1 2016 was 1.8%.

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

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

GTA Condo Market Report Q4 2015

Condo Market Tightened in Q4 2015

Greater Toronto Realtors reported 5,595 condo apartment  sales through the MLS in the fourth quarter of  2014. The number of transactions represented a 12.8% increase compared to 4,971 transactions reported in Q4 2014.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 11.3%. The average selling price in Toronto was $407,991 up 4.4% from Q4 2014.

The number of new listings in the GTA reported in Q4 was up by 3.3% compared to the same period in 2014.

“The condominium apartment segment is integral to the overall housing market in the GTA. Over the past decade, the trend has been increasingly build up due to provincial land use policies. As new projects have completed, a number of investor-held units have been listed for sale on TREB’s MLS System. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth ,” said Toronto Real Estate Board  Mr.  McLean.

The average selling price grew in Q4 up by 4.1% from the same time last year to $382,070.

“First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent an important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Other notable statistics include the average days on the market for Q4 at 33 days. Active listings were 4,216 in Q4-down 5.6% from Q4 2013.

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.

There was an increase in the number of condo apartment rental transactions in Q4 along with the number of units listed for rent. However the annual growth rate for rental transactions was greater than the annual growth rate for the number of units listed. Market conditions became tighter.

Tighter market conditions translated into strong average annual rates of rent growth. GTA-wide, average one-bedroom and two-bedroom rents were up by more than the rate of inflation.

The vacancy rate for a condo apartment in the City of Toronto for Q4 2015 was 1.8%.

Please contact me direct at 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.

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

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

Condo Sales and Price Up in Q2 2015

Greater Toronto Realtors reported 7,656 condo apartment sales through the MLS in the 2nd quarter of  2015. The number of transactions represented a 17.0% increase compared to 6,541 transactions reported in Q2 2014.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 15.9%. The average selling price in Toronto was $416,728 up 6.1% from Q2 2014.

The number of new listings in the GTA reported in Q2 was up by 7.3% compared to the same period in 2014.

“Much of the new condominium apartment inventory that has been brought to bear on the market in the recent past has been absorbed. In fact, market conditions have tightened with months of inventory trending lower. This suggests that recent condominium apartment completions , while strong from a historic perspective, simply helped satisfy a growing demand for this housing type. Absorption rates and price growth statistics point to a healthy market ,” said Toronto Real Estate Board President Mark McClean.

The average selling price grew in Q2 up by 5.8% from the same time last year to $388,066.

“Condominium apartment prices have been appreciating at a moderate pace on average, over the past year, especially when compared to low-rise home types like detached and semi-detached houses and townhouses. However, it is possible that we could see an acceleration in condo price growth in the second half of this year, as growth in sales remains strong relative to growth in listings,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q2 at 28 days. Active listings were 7,189 in Q2-down 1.3% from Q2 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 Q2 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.

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.

Growth in Condo Apartment Sales Continues in Q1 2015

Greater Toronto Realtors reported 4,940 condo apartment sales through the MLS in the 1st quarter of  2015. The number of transactions represented a 11.1% increase compared to 4,447 transactions reported in Q1 2014.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 11.0%. The average selling price in Toronto was $385,428 up 2.4% from Q1 2014.

The number of new listings in the GTA reported in Q1 was up by 6.2% compared to the same period in 2014.

“The condo apartment segment represents a very important component of the overall GTA housing market and particularly the City of Toronto. Newly completed condo units listed for sale over the past few months have been met with a substantial amount of demand from end users ,” said Toronto Real Estate Board President Paul Etherington.

The average selling price grew in Q1 up by 3.6% from the same time last year to $363,973.

“The condo apartment price growth we experienced in the first quarter is indicative of a healthy marketplace where there is enough demand relative to the supply of listings to see moderate year-over-year price growth. In other words , we are experiencing balanced market conditions as it relates to condos” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q1 at 34 days. Active listings were 6,238 in Q1-up 0.1% from Q1 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 Q1 along with the number of units listed for rent, which was largely the result of record occupancies in new projects in 2014.

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 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.​

Condo Sales and Average Price Up in Q4 2014

 

Greater Toronto Realtors reported 4,975 condo apartment sales through the MLS in the 4th quarter of  2014. The number of transactions represented a 8.3% increase compared to 4,594 transactions reported in Q4 2013.

In the City of Toronto, which accounted for 72% of condo apartment sales in the GTA, sales were up by 9.4%. The average selling price in Toronto was $390,989 up 2.6% from Q4 2013.

The number of new listings in the GTA reported in Q4 was up by 4.7% compared to the same period in 2013.

“Demand for condominium apartments remained strong in the fourth quarter of 2014. While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year,” said Toronto Real Estate Board President Paul Etherington.

Interest in ownership housing in the GTA , including demand from first-time buyers in the condo market, is extremely strong. The majority of households understand that a home purchase represents a quality long-term investment,”said Mr. Etherington.

The average selling price grew in Q4 up by 3.8% from the same time last year to $367,199.

“Despite very strong condominium completions over the last two years, we have not experienced a glut in inventory. The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Other notable statistics include the average days on the market for Q4 at 35 days. Active listings were 4,468 in Q4-down 0.3% from Q4 2013.

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 Q4 along with the number of units listed for rent.

Average rents for popular one-bedroom and two-bedroom units were little changed 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 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.​

Toronto Condo Critics Should Chill

Great article at http://renx.ca/

This week’s entry comes from Canada Mortgage and Housing Corp. which warned of “overbuilding” in Toronto (and Montreal). Its chief economist warned of “elevated” numbers of units under construction in those cities that could develop into overbuilding should sales be slower than expected.

So the big “if” is left hanging, are sales set to fall in Canada’s hottest market? We asked Hunter Milborne, head of Milborne Real Estate Inc., who is credited with the marketing and sales of 60,000 units worth approximately $10 billion.

Milborne’s take on the condo market

His take: Toronto’s condo market is healthy today and will be going forward, primarily because it is the only option for entry-level buyers.

“The biggest explanation is if you look at the single-family house market . . . if you try and buy a house in Toronto lately, anything under $1 million, there are multiple offers, it is difficult to buy,” said Milborne, who was dubbed the “Dean of Condos” by Canadian Business. “The condos, most of what we buy is $200,000 to $500,000. It is really kind of the only entry-level new housing that is available.”

He is also not worried that the industry trend to smaller and smaller units by developers, in part to keep prices down, will be a problem down the road when the millennials get busy making families.

“It’s primarily single guy, single gal, young couple, that is primarily what investors purchase to rent out, but more and more you are getting families that are having a kid in a two-bedroom or a small three-bedroom and realizing that the trade-off is to drive for an hour and a half each way each day and that is really a very happy trade-off.”

Bigger, better?

He does see a slow trend towards larger condos as some developers target buyers who will outgrow that first unit, but it will not be dramatic. “The studios, the one-bedrooms and the one-plus-dens are still the bulk of the market just simply because you have a lot of single- or two-person households and they are much more affordable.”

As for the fate of all those small units that are going to be outgrown, “there is always going to be a supply of young people moving to the city.”

Click here for more.

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

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Condo Demand In Toronto Remains High, Analysts Find

Great article at www.TheStar.com

Two new reports on Toronto real estate suggest the city’s condo boom has staying power, with landed immigrants and millennials propelling continued growth.

“Ask any real estate developer in any of Canada’s major cities about the risk of overbuilding, and the first line of defence would be immigration and its critical role in supporting demand,” CIBC economist Benjamin Tal writes in a report co-authored with Nick Exarhos.

Though that paper doesn’t mention condos specifically, Tal expanded on the subject in an interview. “I think that the condo market is misunderstood; I think that people count cranes and they say, ‘This is crazy,’” he said. “This is a market clearly with a lot of supply, but the demand is there, too … I do believe that new immigrants can add to this demand, and it’s definitely happening.”

Tal noted that Ontario’s Greenbelt, which restricts development in a ring around the GTA, has capped the availability of land and restricted the supply of lowrise houses in the region.

“The condo market is introducing an element of affordability,” he said. “We’ve basically priced out first-time homebuyers in this city.”

“Everybody was going to the suburbs — now the opposite is the case.”

In a separate analysis presented at the Toronto Housing Outlook Conference on Wednesday morning, Canada Mortgage and Housing Corporation analyst Dana Senagama said that relatively inexpensive housing types have received a boost from the influx of young immigrants.

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