Canada's Condominium Magazine
With the increased interest in condominiums, September prices jumped 24% in the 416 and 16.6% in the 905 (23.2% overall GTA). Although sales are down year-over-year in all categories — especially given the previous year was a “hot” market — prices were up in all home types, with the sole exception of detached homes in the 905. New listings were up year-over-year by 9.4%, and active listings by 69%.
Condos were “up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.
“The improvement in listings in September compared to a year earlier suggests that homeowners are anticipating an uptick in sales activity as we move through the fall. Consumer polling undertaken for TREB in the spring suggested that buying intentions over the next year remain strong. As we move through the fourth quarter we could see some buyers moving off the sidelines, taking advantage of a better-supplied marketplace,” said, Toronto Real Estate Board President Tim Syrianos, in a release.
Sales down year-over-year; prices up
The pressure on prices comes as inventory remains relatively low, set against traditional buyer interest in the fall season. With many buyers temporarily sidelined by the turmoil in the summer market — and others shifting their target property to condos — the prices continued to feel upwards pricing pressure.
Sales, year-over-year, dropped, on the other hand, in all categories for September:
- Detached down 40.4% overall
- Semi-Detached down 30.2% overall
- Townhouses down 34.4% overall
- Condo apartments down 27.5% overall.
Month-over-month up on sales and pricing
On a month-over-month basis, prices are up to an average of $774,546 in September versus $732,039 in August (for all home types). Sales are also up slightly month-over-month to 6,379 in September, from 6,335 in August.
“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago. However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year. Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed toward a shift to condos in terms of buyer intentions,” said Jason Mercer, TREB’s Director of Market Analysis.