Toronto Condo Market Largest In North America

Toronto is rapidly becoming the largest North American Condo Market followed by Montreal, New York, Vancouver and Houston.

Los Angeles. Las Vegas. Chicago Boston and Denver all had Condos but not as much as the GTA's 16,000 units sold in 2009.

With more new Condominium Projects opening this fall, Toronto and area should end the year as the hottest Real Estate Market in North America.

New average Condominium Prices continue to rise 9.6 per cent from June last year to $426,242 this June.

Related:

Toronto Downtown Condos

The Rush For Toronto Condos

There was over 1,764 new Toronto Condos sold in June adding to the total 10,030 Condominiums sold January-June.

The total new home market has risen 69 per cent compared with the first half of 2009 with sales of Toronto Condominiums up 142 per cent year over year.

Six out of ten new homes sold in June were high-rise Condominium suites showing a growing desire for the high-rise lifestyle in the Greater Toronto Area.

The percentage of new homes sold is split 53/47 in favour of high-rise Condos. Another fact is that 75 per cent of all Condos sold are in the City of Toronto.

Source:RealNet Canada

Related:

Toronto Downtown Condos (Search)

Harbourfront Condo Listings (Search)

Toronto Resale Home Market Dips In June

The Toronto Real Estate Market signalled a change in May and June with resale transactions dipping from record high sales in 2009.

Strong sales in the first four months of 2010 contributed to a record 50,455 transactions for the first six months of 2010.

According to the Toronto Real Estate Board, "Look for annual price growth to be in the low to mid single digits for the remainder of the year."

The Toronto Real Estate Mid-July Prices Blog below shows that sales were down a lot from a year ago during the same period however the average Toronto home resale price was up by 8 per cent.

A bit confusing but the Toronto Real Estate Market Positive Price gains show the top five Toronto districts were fully detached homes increased the most over the first 6 months.

The Blog also shows the top five Toronto Real Estate Districts were Toronto Condominiums increased the most in the first six months of 2010.


Related:

Toronto Real Estate Mid July Prices


Toronto Real Estate Market Positive Price Gains

Toronto Real Estate Mid July Prices Rise

The Toronto Real Estate Board reported 2,790 sales through the Multiple Listing Service for the first two weeks of July noting real Estate sales volume down but resale home prices continue to rise.

Toronto home sales decreased 37 per cent from the 4,437 sales made in the first two weeks of July 2009.

It appears that sales volume were the highest in the first four months of 2010 but now will continue downward as sales levels balance out

Year-to-date home sales are up by more than 18 per cent compared to last year reflecting a rebound from the 2008-2009 recession months.

The average Toronto resale price recorded for the first two weeks of this month was $427,931.

That figure is eight per cent higher than the average price of resale price of $394,750 recorded for the same period of 2009.

Related:

New Toronto Condominium Sales Rise In First Half

Toronto Real Estate Top Neighbourhoods For Price Increase

Home Sales Continue To Decline In June

Canada's housing market continued to decline in June with seasonally-adjusted home sales falling 8.2 per cent from May levels according to the Canadian Real Estate Association.

The Associations chief economist went on to say he expects homes sales activity to continue to slide over the second half of 2010 in anticipation of an anticipated interest rate increase by the Bank Of Canada, next week.

Economists have predicted a slowdown in the second half of 2010 as many home buyers acted earlier and took advantage of very low interest rates at the beginning of the year and others avoided the HST in Ontario and British Columbia.

Pictured above is the Casa Condominiums, one of many new Toronto Downtown Condos for sale or rent.

Related:

Toronto Real Estate Market Positive Price Gains

Toronto Real Estate Market Positive Price Gains

Toronto Real Estate districts posted big gains in the the first half of 2010.

After a disappointing 2009, many Toronto properties were up in average price by more than 10 per cent.

First time-buyers were into the Real Estate market early in 2009, taking advantage of lower prices and very low interest rates that made buying a good choice over renting the same unit.

Top Five Toronto Real Estate Districts Price Increase:
Detached Homes

1. Lorne Park (W13) $880,373 Up 30.2%
2. Markham (N01) $779,168 Up 27.7%
3. Armour Heights (C06) $732,535 Up 27.5%
4. Creditview, Erindale (W16) $561,973 Up 26.5%
5. York Mills,Hogg's Hollow,Bridle Path (C12) $1,868,591 Up 26.2

Top Five Toronto Real Estate Districts Price Increase:
Condominiums

1. The Danforth, EastYork (E03) $222,421 Up 28.2%
2. Yorkville (C02) $653,745 Up 22.6%
3. Markham (N01) $332,590 Up 22.1%
4. Bayview Village (C15) $331,063 Up 19.6%
5. North York (C14) $363,685 Up 19.5%

Source: RE/MAX, Toronto Real Estate Board

Toronto Real Estate Graphs-June 2010

These graphs for Greater Toronto Real Estate shows the monthly TREB MLS Sales with three previous years for comparison, the average resale home price and finally the TREB MLS average price since 1995 with a 12 month moving average trend line.









Recently, the press reported a number of Real Estate Boards across the country released their June figures with various comparisons.

Here are a few quotes:

• Sales are down a whopping 30.2 % drop..
• Air is coming out of home sales..
• The Real Estate Bubble..
• Disappointing sales..
• We are in for a deep correction..
• Will the Canadian Real Estate Market get as bad as the United Sates..

It is important to understand the Real Estate trends and from the above Toronto Real Estate Boards graphs, the trends do not appear as drastic as we have recently heard from the press.

When you are ready to buy or sell Toronto Real Estate, contact Iris, a knowledgeable, award winning Toronto Realtor marketing Toronto Homes and Condos for many years.

Related:

Toronto Condominium Sales Central District June 2010

Toronto Real Estate June Sales and Average Price

Average Home Price Up 6.8% 2010

According to Real Estate Broker Royal LePage, sales of Canadian homes should slow in the second half of the year from the blistering pace set in the first six months, while price appreciation should taper off in most cities.

The average price gains in Q2 were seen in all types of resale homes with Toronto and Vancouver seen as the biggest gainers year-over-year.

The Report went on to say:

• Increase supply of homes in third and fourth quarters will result in lower average prices



• Year-end prices up 6.8 per cent



• Home sales up 1 per cent year-over-year



• Real Estate markets to moderate in 2nd half due to rising interest rate
  

Average Canadian Home Prices second quarter:

• Average detached bungalow $331,868, up 9 per cent



• Standard two-storey $367,835, up 8.7 per cent



• Condominiums $230,014, up 7.3 per cent



• St. John's, Newfoundland biggest price increases in resale homes, up 18.4 to 19.6 per cent



• Toronto and Vancouver both show firm gains



• Vancouver detached bungalows $905,000 up 18.1 per cent



• Toronto detached bungalows average price $481,933 in second quarter

Related:

Real Estate Markets Drop

Toronto Real Estate June Results

Harbourfront Condos Toronto (Search)

Toronto Real Estate Results For June 2010|MLS

Toronto Real Estate results for June follows. GTA Real Estate sales were down but the average home resale price was up compared to a year ago.

The average resale home price and the number of resales are expected to moderate for the last half of 2010.

Read Further:
Source: The Toronto Real Estate Board


Market More Balanced in June

July 6, 2010 -- Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June. This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.

"We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year," said Toronto Real Estate Board President Bill Johnston. "The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates."

The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.

"With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price," said Jason Mercer, TREB's Senior Manager of Market Analysis. "The annual rate of average price growth in the second half of 2010 will be in the single digits."

Median Price
In June, the median price was $367,750, from the $345,000 recorded during June of 2009.

Related:

Toronto Downtown Condos

Toronto Homes For Sale