The Toronto Real Estate Board reported 4,460 home sales for the first 14 days of October 2016. This result represented a 15.5% increase compared to the first two weeks of October 2015. Similar to September, the strongest annual rate of sales growth for the TREB market area as a whole was recorded for the condominium apartment segment. While the market is tight for condo apartments, there is comparatively more inventory available, which has allowed for stronger growth in sales compared to the low-rise market segments. The number of new listings was also up on a year-over-year basis during the first two weeks of ...
October 2016 Mid-Month Resale Figures Released
October 22, 2016Market Reports Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto Condo Sellers Toronto News Toronto Real Estate News
Condo Rents in Toronto Soar as Demand Outstrips Supply
October 17, 2016Downtown Toronto Condos Market Reports Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto News Toronto Real Estate News
Toronto's condo rental market is beginning to mimic its ultra tight resale housing market, with soaring demand, lack of supply and costs rising to record levels. The number of condo apartments rented through the Multiple Listing Service (MLS) system in the third quarter of 2016 dropped 9% from last year to a total of 7,651 units. The drop can be at least partly attributed to a 30% year-over-year decline in the number of new projects. This lack of availability is sending condo rents skyward, with the number of units renting for above asking price, more than doubling from a year ago. Overall in tht ...
Sales Growth Continued in the Resale Market in September
October 10, 2016Market Reports Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto Condo Sellers Toronto News Toronto Real Estate News
The Toronto Real Estate Board reported 9,902 sales in September 2016. This result was up by 21.5% compared to September 2015. The average selling price was up by 20.4% to $755,755. For the region as a whole, strong annual rates of sales growth were experienced for all major home types. The pace of detached sales growth was slower in the City of Toronto and the number of semi-detached sales was down compared to last year. In both cases, the year-over-year dip in new listings was likely the issue. I've continued to see strong demand for ownership housing up against a short supply of listings in the Greater Toronto ...
SEPTEMBER 2016 MID-MONTH STATISTICS RELEASED
September 25, 2016Market Reports Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto Condo Sellers Toronto News Toronto Real Estate News
The Toronto Real Estate Board reported 3,847 home sales for the first 14 days of September 2016. This result represented a 19.1% increase compared to the first two weeks of September 2015. Annual sales growth was strongest for condominium apartments, but double-digit increases were also noted for low-rise home types on a GTA-wide basis. The supply of listings, or lack thereof, continued to be an issue in the TREB Market Area. The number of new listings was down by 4.4% compared to the same period last year. The decline for the TREB Market Area as a whole was entirely due to a dip ...
High-Rise Living a Big Part of Toronto's High-Priced Housing
September 11, 2016Market Reports Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto News Toronto Real Estate News
High-rise living and sky-high home prices aren't just for downtowners any more. Toronto is still the hotbed of condo activity, with more than half of sales occurring in the city. Apartments are a hot commodity all over, with sales across the region rising 52% in July compared to the same month last year. Low-rise home sales declined 32% last month, part of a 7% drop this year to date. High rises have risen 25% year over year in 2016. The average price of a new low-rise Toronto-area home — including detached houses, semis and townhomes — continued edging closer to the $1 million mark last ...
Strong Sales & Price Growth in August
September 8, 2016
The Toronto Real Estate Board reported a record 9,813 sales in August 2016. While this sales result was 23.5% above the number of transactions reported for August 2015, it is important to note that the majority of sales are reported on working days and there were two additional working days in August 2016 compared to 2015. When the year-over-year discrepancy in working days is accounted for, the annual percentage change in sales is closer to 13%. The conditions underlying strong demand for housing ownership remained in place, including a relatively strong regional economy, growth in average earnings and low borrowing costs. Unfortunately, there ...
August Mid-Month Resale Figures Released
August 21, 2016
The Toronto Real Estate Board reported 4,237 home sales for the first 14 days of August 2016. This result represented a 14.8% increase compared to the same time period in 2015. Double-digit year-over-year sales growth was reported for most home types. While the number of home sales was up substantially compared to the same period last year, the number of new listings decreased slightly. The decline was driven by a dip in new listings in the City of Toronto. New listings in the regions surrounding Toronto were up, but by a lesser annual rate compared to sales. This suggests tighter market conditions ...
Buyers Priced Out of the Low-Rise Housing Market Leads to an All-Time Low in Toronto's Condo Market Inventory
August 12, 2016Market Reports New Toronto Condos Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto Condo Sellers Toronto News Toronto Real Estate News
Toronto's rapidly rising prices for low-rise housing is driving up demand in Toronto's condo market, as buyers are increasingly looking for larger units. Urbanation Inc., a research company that has been studying the condo market since 1981, says unsold inventory is now at its lowest since 2010 and, with only 6.8 months of supply available, at a decade-low for inventory. In its second quarter report, the firm said 7,731 new condos sold across the Greater Toronto Area, a 26% increase from a year ago and the second highest level of quarterly activity ever trailing only the 8,548 units sold in the second quarter of 2011. Urbanation says ...
Condo Market Conditions Tighten in Q2
August 7, 2016Downtown Toronto Condos Market Reports Toronto Condo Buyers Toronto Condo Information Toronto Condo Market News Toronto Condo News Toronto Condo Sellers Toronto News Toronto Real Estate News
The Toronto Real Estate Board announced another very strong quarter for condominium apartment sales in Q2 2016, with 8,965 condo apartment sales between the beginning of April and end of June. This result represented an increase of 17.4% in comparison to the same period in 2015. Even though there have has been a lot of new condo construction over the last few years, project completions have not resulted in a glut of inventory. Over the past year, there has been tighter market conditions and accelerating annual rates of price growth. The average selling price of a condominium apartment in Q2 was $415,326 – up 7.1% compared ...
Strong July Price Growth and Record Sales
August 5, 2016
The Toronto Real Estate Board reported 9,989 home sales in the month of July. At just shy of 10,000 transactions, this was the best result on record for the month of July. This represented a 1.8% increase from July 2015. While sales were up on a year-over-year basis, the number of new listings was down over the same period, representing the continuation of a troubling trend in the GTA. Listings for single-detached and semi-detached houses and town houses continue to be in short supply. The result has been an increase in pent-up demand and annual rates of price increases well above the ...