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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


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