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Unique Toronto Homes

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Condos in Toronto

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Toronto Real Estate

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Tag Archives: price inflation

Condo Resale Market Hot as New Market Cools

Condo Business

According to the Urbanation’s Q2-2012 market overview, the Toronto Census Metropolitan Area (CMA) posted 5,050 condo apartment resale transactions in the second quarter of 2012, which represents an increase of 30% over the first quarter and a 9% over the second quarter of 2011. The average unit sold for $407 per-square-foot, an increase of 4% annually from $391 per-square-foot from the second quarter of 2011.

Ben Myers, Executive Vice President and Editor of Urbanation said, “Following three quarters of flat pricing and declining sales-to-listings ratio, we expected that the additional supply registering had finally depressed the market. We were very surprised by the resale results in the second quarter. A healthy appetite for condominiums from end-users still exists.”

The second quarter of 2012 saw the average resale unit being traded was 910 square feet for $370,000, while the former City of Toronto averaged roughly 832 square feet for $448,000.

The average unit in the Toronto CMA new condo market was 751 square feet in the the second quarter of 2012 at an average price of $395,000.

“Developers have been shrinking unit sizes in recent years to keep end-selling prices affordable for end-users and produce easily rentable suites for investors,” noted Myers, “however, there finally appears to be some resistance to these smaller suites, which is being reflected in softening new sale activity and a lower sales price (as a percent of list) in the resale market for smaller product.”

Comment: Well there really is a limit as to how small condos can go…

There were 4,769 new condominium sales in the second quarter of 2012, which was down 21% from the first quarter record high of 6,070 in the first quarter of 2012. Nonetheless, the 10,839 sales in the first six months of 2012 were the second highest year on total for the CMA.

An indication that price inflation is starting to cool is that the average unsold unit was being offered at $566 per-square-foot at the end of the second quarter, unchanged from the first quarter of 2012. Unsold pricing decreased quarterly in the former City of Toronto to $656 per-square-foot, but increased slightly in the Downtown Core to $758 per-square-foot.

“Despite talk of tightening credit to condominium developers, 7,343 units started construction in Q2-2012, the highest level in over a year,” noted Myers. The Toronto CMA condo market is still setting records, with 343 active projects and 87,386 units.

New projects are expected to face competition from newly completed projects, as 13,000 condo units are expected to complete in the second half of 2012, and up to 28,000 units in 2013.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.

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