Forgot your password?

Enter your email address and we'll send you a link to reset
your password.

Find an interesting property?

RedPin it and book a tour with one of our expert real estate agents!

By creating an account you accept our terms of use.

Loading...

Please be patient

0

12 Hard Facts – Toronto’s Q4-2012 Condo Market

Toronto skyline. Courtesy Wikimedia Commons.

Toronto’s real estate market continues to evolve, with the past year being especially interesting. Sourced from the latest report from Urbanation - Canada’s leading condominium market research company since 1981 – TheRedPin has put together 15 hard facts about Toronto’s Q4 Condo Market.

12 Hard Facts about Toronto’s Q4 Condo Market

  1. In the Toronto CMA there were 3,841 new condominium apartment sales in Q4-2012, an increase of 16% over the third quarter. 17,997 new units were sold in 2012.
  2. Toronto CMA condominium market set several records in 2012 including: construction starts (24,388), active developments (355), total active units (89,251), and total units under construction (56,866).
  3. The average sold index price in the Toronto CMA was $536 psf in Q4-2012 (up 5.2% annually).
  4. Active Toronto CMA new condominium market is 79% sold overall, down from 80% sold in Q3-2012 and 82% sold in Q4-2011, but above the ten-year average of 78%.
  5. “Despite concerns over the level of unsold supply in the new condominium market, the ratio of sold to unsold units has consistently been above the long-run average in recent years” – Ben Myers, Urbanation Executive Vice President.
  6. At the end of Q4-2012 there were just 613 completed and unsold new condominium apartment suites in the Toronto CMA.
  7. Overbuilding was a term cited quite often in relation to the Toronto condominium market in the second half of 2012.
  8. The resale condominium market suffered from a lack of supply in Q4-2012, as just 3.2% of the 227,700 units (1,285 buildings) tracked by Urbanation were listed for sale in the fourth quarter,the lowest quarterly level in over 10 years.
  9. Resale activity declined 14% quarterly in the Toronto CMA to 2,941 transactions. However, Sales-to-Listings ratio for Resale Properties increased quarterly to 40.2%, indicative of relatively balanced market conditions.
  10. “Many investors chose to hold and rent their units in 2012 rather than sell them into uncertain market conditions” - Ben Myers, Urbanation Executive Vice President.
  11. Of the 2,941 resale condominium apartment transactions in Q4-2012, just 0.9% of these suites were sold for less than 90% of the list price. These 27 units sold at an average price of $641,000 ($282,000 over the average Q4-2012 resale price of $359,000).
  12. 15,292 resale condominium apartments traded in 2012, down from the five-year average of 15,609, but above the ten-year average of 13,486.

Source: Urbanation Q4 Report

 

Did you enjoy this article?
Share the Love
Get Free Updates

About the Author

TheRedPin is a different kind of brokerage. We are focused on delivering an exceptional real estate experience to all of our customers. TheRedPin is leading the way by using innovative technologies and a team of savvy marketers to provide buyers and sellers with unique end-to-end services and benefits, not found at other traditional brokerages. Through our services, our client's homes are exposed to over 5 million people. Plus, we have real estate agents that specialize in your neighbourhood that are full time, salary based employees who receive bonuses based on your selling experience. We feature an award-winning website - home to more listings than any other real estate site, exclusive VIP listings for new and pre-construction projects and great incentive programs for both buyers and sellers. To learn more about TheRedPin, Brokerage, please visit our company information. Follow our Google Plus business page for further listings. For our cash back policy please see our rebate program.