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Toronto Condo Stats For April 2012 From The Toronto Real Estate Board
Click the market reports below for full details on the Toronto condo market!
With its monthly market report, the Toronto Real Estate Board brings us plenty of new Toronto condo sales stats.
While single-detached homes saw the strongest sales growth in April (an increase of 22 per cent year-over-year), condominium sales also increased year over year in both the 905 and 416 area codes.
In the 416 area code, 1,534 condo apartments were sold, representing a nine per cent increase over sales in April 2011. The 905 area code also saw a nine per cent increase over the same time last year, with 637 condo apartments changing hands.
The majority of condominiums sold to date in Toronto (2,351) were within the $200,000 to $299,999 price range, and the next highest number of condominiums sold (2,129) sold for between $300,000 to $399,999.
In April 2012, more new listings for Toronto condos were had in Toronto Central, specifically Toronto C01, which also has the highest number of active listings.
For the full April 2012 report from the Toronto Real Estate Board, click here.
For our own take on the April 2012 Toronto Real Estate market, click here!
Market Hits New High For Average Sale Price – Year-Over-Year Increase Drops
Hi, it’s Thomas Cook from Toronto’s Real Estate Team at RE/MAX Hallmark and here is our April 2012 Toronto real estate market report.
April’s average sale price again hit an all-time record high and the listing inventory is lower than historic levels.
April MLS sales totalled 10,350 houses and condominiums in all the districts. This sales number was up almost 18% from one year ago and just over 19% above the average for April since the year 2000.
28% of the market sales were condo townhouses and high-rise suites with 2,943 units changing hands during the month.
The April average sale price came in at $517,556 – up 8.4% from one year ago.
East of Yonge and south of Bloor in the C08 downtown TREB district, the condo sales price average stayed flat at $398,672 while west of Yonge in C01 the average increased to $425,604. I’ll give you more condo market details in just a few minutes.
Watch our complete April Toronto Real Estate Market by clicking on the video icon below…
Toronto Condo Sales Set Yet Another Record
Toronto condos broke more records in the first quarter of 2012.
Toronto Condo research firm Urbanation has released its report on the first quarter of 2012, reporting a record quarter for Toronto condo sales.
According to the report, the 6,070 new condos sold during the quarter as well as the 338 active projects and 84,698 active units were all new record highs for the Toronto Census Metropolitan Area. The average sales per project were slightly lower than previous years however, with 18.0 sales per project compared to 18.3 sales per project in the first quarter of 2011 and 20.4 sales per project in the first quarter of 2010.
“Despite record sales in Q1-2012, Toronto CMA brokers and developers still report anxiety about the future health of the condo market,” says the report. “The probability of a market crash or major price correction is very small, but the prevalence of media coverage for this outcome remains high.”
At the end of the quarter, condo prices increased to $519 per square foot in the Toronto CMA, which is a two per cent increase quarterly and an eight per cent annual increase. In the downtown Toronto core, pricing reached $656 per square foot.
Urbanation also says Toronto resale condo prices were slightly weaker in the first quarter of 2012, falling to $396 per square foot from $400 per square foot in the 4th quarter of 2011 – the first decrease since the first quarter of 2009. The number of sales, however, only fell to 3,888 from 3,952.
Urbanation Q1_2012 Press Release Toronto condo market copy
Toronto Condo Rent Increases Through First Quarter 2012
The Toronto Real Estate Board has released its 2012 Q1 report for condo rentals in the Greater Toronto Area, finding that a low vacancy rate combined with fewer listings and more rentals is raising rents for investors.
Toronto condo rentals have increased through Q1 2012.
“There have been very few purpose-built rental buildings completed in the GTA over the past few years,” said the president of the Toronto Real Estate Board, Richard Silver, in the report. “This means that households looking to rend an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners,” he said.
“Condominium apartment vacancy rates, as reported by CMHC (Canada Mortgage and Housing Corporation), were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings,” Silver continued.
During the first three months of 2012, leased Toronto condo transactions were up by 11 per cent, while listings only increased by four per cent.
According to Jason Mercer, the Toronto Real Estate Board’s senior manager of market analysis:
“Tighter rental market conditions played a key role in the strong annual average rent increases. However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefitting from the latest trends in finishes and amenities could have arguably compounded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well.”
Toronto Real Estate Board Releases Q1 Condo Report
The Toronto Real Estate Board has released its Toronto condo sales report for the first quarter of 2012. According to the report, 5,027 condo apartment transactions took place through the Toronto MLS Listings during the first quarter of 2012, which is a two per cent increase over last year’s first quarter. In addition, new condo listings are up 14 per cent.
Toronto Real Estate Board Condo Stats For Q1, 2012. Click for full size.
“With sales increasing moderately year-over-year and listings growing strongly, the condo apartment market became better supplied in the first quarter,” said the president of the Toronto Real Estate Board, Richard Silver. “With more choice for buyers in the condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes.”
According to the report, prices increased by 3.7 per cent to an average price of $322,857.
“Condominium apartment completions were at the highest level ever in 2011,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is testament to the fact that demand remains strong for this home type.”
