The Toronto Real Estate Board’s mid-month resale housing figures say that home sales through the Toronto MLS Listings increased in the first two weeks of May this year, up 14.5 per cent when compared with the same time last year. The number of new listings was up 13 per cent, to 8,749.

Condo sales were up across the GTA in the first half of May.

“Annual growth in sales was experienced across the GTA for all major home types in the first half of May,” said the president of the Toronto Real Estate Board, Richard Silver, “Sales growth was strongest for the condominium apartment segment.  While the condo market has generally been the best supplied market over the past year, we have continued to see enough demand to exert moderate upward pressure on average selling prices in this market segment.”

Over 5,000 home sales took place in the GTA, with more than 3,000 of those home sales occurring in the 905 area code and just under 2,000 in the 416 area code.

““A shortage of listings in the low-rise segment of the market has resulted in a lot of competition between buyers and above average annual rates of price growth,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “Tight market conditions are expected to remain in place for the balance of 2012,”

Most of the sales were detached homes, with the exception of the 416 area code, where 784 condos were sold (an 18 per cent increase) compared to 691 detached homes (a 6 per cent increase year over year). In the 905 area code,  condo sales were also up 18 per cent with 326 condos sold.

Toronto Real Estate Sales Increase During The First Two Weeks Of May is a post from: Toronto Real Estate Condos

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!

Toronto Condo Stats For April 2012 From The Toronto Real Estate Board is a post from: Toronto Real Estate Condos

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…

Market Hits New High For Average Sale Price – Year-Over-Year Increase Drops is a post from: Toronto Real Estate Condos

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 Sales Set Yet Another Record is a post from: Toronto Real Estate Condos

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 Condo Rent Increases Through First Quarter 2012 is a post from: Toronto Real Estate Condos

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.”

Toronto Real Estate Board Releases Q1 Condo Report is a post from: Toronto Real Estate Condos

We’ve all seen the condo cranes on Toronto’s skyline and everywhere you drive in downtown Toronto you come across new development sites and sales centres.  You might be asking yourself… are there that many people moving into central Toronto?

The trend we’ve seen for condo builders over the last 8-12 months is signs that the supply of “local, live-in-the-suite” buyers for condo apartments has been drying up.  Builders used to be very cautious about allowing the assignment of offers from one buyer to another for the simple reason that it encouraged speculation in the market.  Not any more… now many builders are allowing purchasers to almost have the ability to assign their agreements within three months of buying from the builder… and years away from the occupancy or registration dates!

New Condo Downtown With Several Floors Still Unoccupied

This practice makes their product more appealing to investor buyers who, for the most part, are from outside Canada.  It gives those investors more flexibility to dispose of their agreement before the condo is even completed.  That assumes of course that there is a market for those contracts which may or may not be possible.

The problem that may be building for the future… two to four years down the road because of the lead time for a high-rise condo to be constructed… it that there will be too many units coming available for occupancy.  This will A-dampen the rental market and make an existing negative cash flow situation worse OR B-cause condo values to decrease or both… neither of which existing condo owners would be excited about.

Diane Francis from the National Post recently wrote an article referencing this problem and offered the solution that the Canadian Government take action and restrict the number of suites that overseas investors could purchase in Canada and ban them from getting mortgage financing that is insured by the Canadian taxpayer via CMHC. 

Lest you be concerned about some sort of bias here, China and Hong Kong have the very same kinds of restrictions in place themselves as do other countries like Australia, Thailand and many countries in Europe including Switzerland.

Read the complete Diane Francis article here.

Restrict Foreign Buyers In Toronto – Finally Someone Got It Right !! is a post from: Toronto Real Estate Condos

Are you gearing up to buy your first Toronto condo? Great! Here are a couple of tips to help get you better organized and in contact with people who can make the process much easier on you.

Are you ready to buy a Toronto condo?

1. Pick a neighbourhood

Toronto is full of vibrant neighbourhoods, most of which have condominium projects going up as you read this. Educate yourself on the local schools, gyms, restaurants, shops or anything else you might be interested in so you’ll have a much better idea of what life will be like in your new condo. This will save heartbreak and headaches later and make sure that you’re happy in your new space.

2. Find a real estate agent.

A buyer’s agent is paid for by the seller, so it’s free for you. When buying a condo or home, a buyer’s agent makes the process so much easier. A great agent is especially handy when buying a condominium if they’re familiar with the area and specialize in condos – not all builders are equal and not all of them are entirely reputable. It definitely pays to have someone guide you through your choices.

3. Meet with lenders in person.

Just as all builders aren’t equal, neither are all lenders. Meet with several in person. They can help you get your financing in order and introduce you to programs and incentives you didn’t know about.

The Very First Steps To Buying Your First Toronto Condo is a post from: Toronto Real Estate Condos

March MLS sales totalled 9,690 houses and condominiums in all the districts. This sales number was up almost 8% from one year ago but up almost 18% above the average for March since the year 2000.

Just under one-third of the market sales were condo townhouses and high-rise suites with 2,933 units changing hands during the month.

The March average sale price came in at $504,117 – up 10.5% from one year ago.

East of Yonge and south of Bloor in the C08 downtown TREB district, the condo sales price average dropped to $397,870 while west of Yonge in C01 the average was down $10,000 to $417,000. I’ll give you more condo market details in just a few minutes.

Click on the video below to watch the entire March Toronto Real Estate Market Report.

Here’s the text version to read.

Is The Market Hitting The Top? is a post from: Toronto Real Estate Condos

In 2011, 28,190 condominiums were sold in Toronto, which was an almost 25 per cent increase over the previous high seen in 2007.

Could 2012 be another record-busting year for Toronto condos?

Condo Construction Sites Are All Across Downtown Toronto

While many critics are worried about a bubble, Toronto still has more than enough going for it to keep the condo market going: people wanting to be closer to downtown, plenty of downsizers who aren’t interested in a commute, high immigration and low interest rates. Even though the presence of these important market fundamentals don’t keep critics at bay, new projects are selling fast.

This Moneyville article details a slew of new Toronto condo projects that have been springing up all over the city, and how one VIP sales event was so jam-packed it resulted in an over one-hour wait to get cars back from the valet!

Toronto continues to be a place where new, unique and amazing condo projects continue to shine – and it’s great to watch the city grow!

Could Toronto Condo Sales See Another Record Year? is a post from: Toronto Real Estate Condos