Average Condo Price Continues to Grow in Q3

 

Greater Toronto Realtors reported 5,954 condo apartment sales through the MLS in the 3rd quarter of  2014. The number of transactions represented a 12.9% increase compared to 5,274 transactions reported in Q3 2013.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 11.4%. The average selling price in Toronto was $382,210 up 6.1% from Q3 2013.

The number of new listings in the GTA reported in Q3 was up by 4.5% compared to the same period in 2013.

“Condominium apartments represent an affordable home ownership option for first-time buyers. New condominium apartment completions have been at record levels over the past two years. However, even though many of these newly completed units have been listed on TorontoMLS, we have not experienced a glut in inventory. There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace” said Toronto Real Estate Board President Paul Etherington.

The average selling price grew in Q3 up by 5.7% from the same time last year to $359,352.

“Growth in condominium apartment listings will likely continue over the next year, reflecting the continuation of strong condominium apartment completions. However, the fact that we are seeing growth in condo sales outstrip growth in listings suggests that market conditions will remain tight enough to prompt continued price growth” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

 

 

Other notable statistics include the average days on the market for Q3 at 34 days. Active listings were 6,620 in Q3-down 1.4% from Q3 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 rental transactions in Q3 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 1.7%.

 

 

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Why Rents are Softening and What’s in Store for Toronto’s Condo Market

Great article in www.TheGlobeandMail.com

Urbanation Inc., which researches Toronto’s condo market, released its latest rental findings last week. The number of condos rented over the Multiple Listing Service in the Toronto area hit an all-time high of 6,708 during the second quarter, up 26 per cent from a year earlier. But the number of new listings rose by an even greater degree, and so – when measured per square foot – annual rents ticked up by just 0.7 per cent from a year earlier, to an average of $2.37 per square foot.

It marked the second quarter in a row that rents grew by less than 1 per cent on a year-over-year basis, after an average growth rate of 4 per cent during 2013. And the average monthly rent, which can be impacted by the size of condos that renters are moving into, actually fell by 3.2 per cent from a year earlier, to $1,787, as the average size of units being rented shrunk again, by 3.8 per cent, to 755 square feet.

I asked Urbanation senior vice-president Shaun Hildebrand for more details about what he thinks is taking place in the condo rental market in Canada’s most populous city. It’s a pocket of the country’s real estate market that economists are watching closely as they try to determine whether too many condos are being built. Mr. Hildebrand, who used to be a senior market analyst at Canada Mortgage and Housing Corp., talks here about deficiencies in the data, and why he doesn’t think condo rents in Toronto will drop materially.

Click here for more.

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Condo Sales Growth Outstrips Listings Growth in Q2

Greater Toronto Realtors reported 6.553 condo apartment sales through the MLS in the second quarter of  2014. The number of transactions represented a 10.4% increase compared to 5,936 transactions reported in Q2 2013.

In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 9.3%. The average selling price in Toronto was $392,729 up 5.3% from Q2 2013.

The number of new listings in the GTA reported in Q2 was up by 4.4% compared to the same period in 2013.

“Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family, this diversity of buyers explains why sales more than kept up increased listings in the second quarter,” said Toronto Real Estate Board President Paul Etherington.

The average selling price grew in Q2 up by 5.5% from the same time last year to $367,010.

“Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth. Even as inventory levels increase due to record occupancies in 2013 , we should see enough demand to sustain price growth above the rate of inflation in the second half of this year” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q2 at 30 days. Active listings were 7,286 in Q2-up 1.5% from Q2 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 rental transactions in Q2 along with the number of units listed for rent.

Average rent growth was mixed during Q2 depending on unit type. The average rent for one-bedroom units and two-bedroom units was down slightly.

The condo apartment vacancy rate for Toronto was 1.7%.

Here is what you can do next:

 

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

 

GTA Real Estate Condo Market Report Q4 2013

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Greater Toronto Realtors reported 4,586 condominium apartment  sales through the MLS in the fourth quarter of 2013. The number of transactions represented a 21.0% increase compared to 3,789 transactions reported for the fourth quarter of 2012. In the City of Toronto, which accounted for 70% of condominium apartment sales, sales were up by 17.7%.

The number of new listings reported in the fourth quarter was  down by 0.6% compared to the same period in 2012.

“This time last year many were predicting that the condo apartment market would experience a downturn, both in terms of sales and selling prices. While there was a temporary lull in sales and price growth in the first half of 2013, we saw an about face in the second half of the year as buyers realized home ownership remained affordable. As the demand for condos rebounded, competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President Dianne Usher.

The average selling price in the GTA for Q4 was up by 6.5% from the same time last year to $353,665. In the City of Toronto the average price was up by 8.3%

“If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. the degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q4 at 36 days. Active listings were 4,482 in Q4-down 4.1% from Q4 2012.

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 condominium apartment rental market became better supplied in some parts of the GTA in the fourth quarter of 2013, particularly in the City of Toronto. The number of condo apartments listed for rent increased at a greater year-over-year pace compared to rental transactions.

Growth in average rents for the popular one-bedroom and two bedroom unit types was mixed. Average one-bedroom rents dipped slightly on a year-over-year basis, whereas average two-bedroom rents increased at an annual rate greater than inflation.

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

GTA Real Estate Condo Market Report Q3 2013

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Greater Toronto Realtors reported 5,307 condominium apartment  sales through the MLS in the third quarter of 2013. The number of transactions represented a 18.0% increase compared to 4,498 transactions reported for the third quarter of 2012. In the City of Toronto, which accounted for 72% of condominium apartment sales, sales were up by 19.5%.

The number of new listings reported in the third quarter was  down by 1.0% compared to the same period in 2012.

“The echo generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership . Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives,” said Toronto Real Estate Board President Dianne Usher.

“A growing number of buyers have restarted their search for a condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable,” continued Ms. Usher.

The average selling price in the GTA for Q3 was up by 1.9% from the same time last year to $340,069. In the City of Toronto the average price was up by 1.01%

“We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.

Other notable statistics include the average days on the market for Q3 at 36 days. Active listings were 6,711 in Q3-down 4.0% from Q3 2012.

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 condominium apartment rental market continued to tighten in the third quarter of 2013, with condominium apartment rental transactions increasing on a year-over-year basis by a greater rate than the number of units listed for rent.

Tight rental market conditions resulted in continued growth in average
rents for one-bedroom and two-bedroom condominium apartments especially in
newer buildings with modern finishes and amenities.

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