Canada's Condominium Magazine
In the vital markets of City of Toronto downtown core and Mississauga downtown, condominiums are showing market resilience in the face of sharper drops for other home types. The shift of preference is likely driven by ongoing demand for homes tempered by the relative lack of affordability of other home types.
The last reported June numbers from TREB revealed a sharp downturn in sales for “all home types” — as reported previously in Condo.ca. [Feature article here>>] However, the latest numbers for condominiums reveals a more elastic staying power, with an overall year-over-year drop of only 8.0 percent (7 percent in Toronto) versus detached homes at down 20.3% on June numbers from TREB. (On the June monthly report, which would be more equivalent, condominium apartments were only down 6.4%.) In Peel Region, which includes Mississauga, sales barely dropped.
Quarterly Sales overall by region:
- ALL of TREB: 8,233 sales in 2017 for quarter versus 8,942 in 2016
- Halton Region: 277 in 2017 versus 292 in 2016
- Peel Region: 1,153 in 2017 versus 1,171 in 2016
- City of Toronto: 5,878 in 2017 versus 6,291 in 2016
- York Region: 742 in 2017 versus 988 in 2016
- Durham Region: 152 in 2017 versus 182 in 2016
- Other areas: 21 in 2017 versus 18 in 2016
“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth,” said Mr. Tim Syrianos, TREB President
Average prices of condo apartments up average 28.1 %
Last week we reported on the nearly 100 percent increase in Luxury condo prices. [Story here>>] In the TREB Quarterly for 2nd Quarter 2017, TREB reported the average price increase, year over year, at 28.1 percent (versus Q2 2016). The average sell8ing price jumped to $532,032 — while in the City of Toronto it rocketed to $566,513:
- Average TREB price $532,032 versus $415,454 in 2016
- Halton Region average $510,785 versus $439,428 in 2016
- Peel Region average $403,977 versus $304,164
- City of Toronto average $566,513 versus $442,834 in 2016
- York Region average $502,764 versus $390,301 in 2016
- Durham Region average $389,371 versus $299,216 in 2016
- Other areas average $258,410 versus $253,300 in 2016
“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” said Jason Mercer, TREB’s Director of Market Analysis.
Listings up 0.7 %
Despite substantial price increases, there was a lift in available listings of 0.7 percent to 13,682.