Downtown Toronto Condo Price Appreciation Matches The Overall Market

In December, downtown condo average sale prices were up 5.2% in C01, west of Yonge and south of Bloor and up by 5.6% in C08 east of Yonge and south of Bloor compared to one year ago.

When you compare year-over-year average numbers, both condo areas tracked the overall market average quite well… The C01 annual appreciation number was 7.1% – slightly below the TREB average and the C08 appreciation came in one percent over the average at 8.9%.

These numbers seem to put to rest the mistaken belief that the downtown Toronto condo market is going to disintegrate and prices are going to freefall – the evidence just does NOT point to that at all !!  These sales numbers show us that whenever new inventory does come on the market, it’s being absorbed within a 33-37 day marketing period on average.

Lower inventories in both TREB districts compared to November caused the C01 ratio of sales-to-listings to be 26.7%, squarely in neutral market territory and the C08 ratio being a moderate seller’s market 37.7%.

We expect there will be more new condo buildings completed and occupied in the first two quarters of 2012 so watch for inventory to increase slightly both east and west of Yonge.

Watch the video below for the full report.

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