Year Of The Toronto Condo

RCMI Condos University Ave. Toronto

In 2011 there were 28,000 new Condominiums sold in Toronto and the surrounding area.

This resulted in a major Market shift that saw home-buyers more attracted to Toronto Condos than low-rise homes,resulting in a 62 per cent share of all new homes in 2011.

This is amazing as just 10 years ago Condos in Toronto only accounted for 25 per cent of all new homes.

Some of the reasons for the demand of new Toronto Condos:

• Price, Condos are much more affordable than new homes
• Location, many downtown Toronto Condominium locations are impossible to duplicate with a new home
• Lifestyle, all the Condo amenities are likened to a modern resort
• Modern design and quality of these suites

The new Condo Market for Toronto and area generated $12.7 billion of new sales in 2011 adding the total of 45,926 homes sold last year with a value of more than $22 billion.

Pictured above is the new RCMI Condominiums project that will soon add to the Toronto Financial District Condo Listings.

About the Author:

Iris Li is a RE/MAX Toronto Realtor specializing in Toronto Downtown Condos and other Toronto Real Estate

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A major Toronto Real Estate adjustment in 2012 can not be justified according to the CEO of Royal LePage.

Granted, he does see the Real Estate Market in Toronto and Vancouver continue to expand at a slower pace in 2012.

The average home price in Metro Vancouver is expected to climb 2.3 per cent to $802,000 and in Toronto the average home price there is expected to increase 2.6 per cent.

LePage stated the Real Estate Market across Canada has significant momentum entering the year and even more low-interest rates will help the markets to increase.

The average prices in the 4th quarter were:

• Standard two-story home $375,427 up 4.2 per cent from a year earlier
• Detached bungalow $344,392 up 6.1 per cent
• Condominiums $234,680 up 3.6 per cent

The Canadian Mortgage and Housing Corp. forecast the average price of resale homes for 2012 to be $363,900 and the Canadian Real Estate Association predicted their average resale home price at $362,700.

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Already the Toronto Condos Market has reached record highs beating out the former record 22,500 Condominium sales in 2007.

It is now expected Toronto will see between 26,00 to 27,000 new Condo suites by the end of 2011.

Reasons for the continued increase in new Toronto Condominiums were as follows.

• Far fewer low-rise purchases due to a lack of inventory
• The 905 area is increasing with mor Condos offering more amenities in the market place
• Smaller Condo suites mean even more units as builders keep the price per square foot affordable
• Investors still driving the new Toronto Condo Market

Several Toronto Condo marketers are still working on their 2012 forecast but it appears the Condo market could see 40 to 80 new Condo projects with approximately 20,000 sales.

Final Condo sales numbers for 2011 are still to be determined.

Interested in the New Condos Downtown Toronto or other Toronto Downtown Condos, please contact Iris Li Toronto RE/MAX Realtor, for more information.

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Toronto Condominium Market 2012

With interest rates at historic lows the Toronto Condo market should continue to increase in average price but at a slower rate.

Once interest rates increase somewhat in 2012, the Condo market in Toronto could become rather bumpy.

The Toronto Condominium market is unique in that these new units have already been sold and the average price has not dropped once the building are completed. Immigration, low-interest rates and job opportunities will all continue to contribute positively in 2012.

So far this year the Toronto Condo Market increased in average price on a year-over-year basis and the Toronto Real Estate Market is heading to a record year.

Considering al that went on in 2011  this is a remarkable achievement showing Toronto home buyers see  great value and opportunity, right here in Toronto.

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Toronto Condos were up 8% in average price, to $365,131 for the month of November.

According to The Toronto Real Estate Board the average price of a Toronto Home is 10% higher than a year ago, but still affordable to buyers.

The TREB statistics were as follows for Toronto’s 416 area.

• Detached family homes $776,017 up 12%
• Townhouses $418,050 up 2%
• Toronto Condos $365,131 up 8%

The Toronto Real Estate Market recorded resales up 11.1% year-over-year from the same time last year, with resales on the Toronto MLS system totaling 7,092 in November.

New Toronto MLS listings were up 14% to 9,786 with the average days on the Toronto Market dropping 15% to 29 days in November.

The Toronto Real Estate Board reported the increased transactions were broad based with both low-rise and Toronto Condos showing strength that should result in more balanced condition for 2012.

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The Toronto Housing Market survived October’s widespread Global Financial Markets panic, found in many major European cities.

What is driving the Toronto Real Estate Market?

Low interest rates, affordability and optimistic Toronto homebuyers.

As a result we see more sales, listings and even higher resale prices for Toronto Homes and Condos.

The Toronto Real Estate Board reported 7,642 home and condo sales in October, a 17.5 per cent increase from October 2010.

The average resale Toronto MLS(R) price for October was $478,137, up 8 per cent from the same time last year.

The average resale detached Toronto Home price (416) was $751,612 up 6 per cent.

The average resale Toronto Condo price was $367,715 up 9 per cent.

Search here for new and resale Toronto Downtown Condos for sale.

According to TREB, the pace of October’s resale homes in Toronto and surrounding areas bodes well for a strong finish to 2011.

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According to CMHC, the Toronto Condo market will moderate in 2012.

Excess supply from all the new Toronto Condominium projects will slow prices and make preconstruction Condo speculation more of a gamble.

The number of projected Condo sales in the GTA for 2011 is estimated to be 25,000. Investor-owned Condos is estimated at 25 per cent of this total.

The average price of a new Condo is $341,571 for Toronto and area, a 9 per cent increase from October 2010.

Toronto resale Condos increased in the month of October to 1,902 units with and average resale price of $367,715, an increase of 9 per cent.

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Currently 132 highrise Toronto Condos are under construction in Toronto, more than anywhere else in North America.

Condos now under construction in North America:

• Toronto 132
• Mexico City 88
• New York City 86
• Chicago 17
• Miami 16

That is it, the top five cities with Condos under construction in North America.

Highrise Condos now make up 60 per cent of all new home sales in the Greater Toronto area.

It appears that the Toronto condo boom is not slowing down anytime soon with a further 118 Condos in pre-construction and 75 per cent of these are pre-sold.

There are more than 39,000 Condos under construction in the GTA and 88 per cent of these units are sold.

The Toronto Condos Boom continues as seen by new luxury Condos in the Toronto downtown area and building cranes continuing to erect even more Condominiums.

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Condos Driving Soaring Housing Market

The latest home sale figures from the Canada Mortgage and Housing Corp. places September starts at 205,900 on an annualized basis, on pace with the average of 200,00 each year from 2002-2008.

This time it appears it’s new Condos driving this market, right across the country.

The soaring new home and Condo construction is responsible for 50 basis points of a 2.4 per cent growth in Gross Domestic product in the third quarter.

The majority of new home construction was the Urban Condominium sector with starts of 118,000 units in September on an annualized basis.

New Toronto Condos construction set an all-time record for quarterly construction with 40,000 units in the second quarter of this year.

Some Condo research firms are estimating 60 per cent of Toronto Condominium purchases alone are bought by investors.

In the meantime the Canadian buyer continues to be a strong force in Real estate market confidant they have jobs, a good future and  taking advantage of record low-interest rates.

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The Canadian Housing and Real Estate Markets across Canada should balance out in 2012, according to a recent report from BMO.

Low mortgage rates, low unemployment rates and continued immigration will continue to create demand for housing but higher home prices, higher debt levels and slowing employment will slow down the demand.

Overall the BMO Capital Markets report said Home sales are likely to remain staedy in 2012.

The biggest threat to the housing market is a recession and also the threat of higher interest rates next year.

A turbulent global economic setting could also slow down housing next year slowing down the recent housing gains over the last decade.

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