Condominium Sales Report - second quarter 2013

The Toronto Real Estate Board has issued it's sales statistics for resale residential apartment condos between April and June, 2013.  The entire board saw a volume decline of 6.1% from 2012 with 5,984 sales versus 6,375 for last year.  New listings over the quarter were 13,174, also lower than last year by 4.2%.  Prices in the GTA rose 1.7% compared to 2012 in the same period, with an average of 31 days on the market. Durham region demonstrated a year-over-year composite (for all condominium types) price increase of 4.1%, compared to 2.3% in the City of Toronto and a decline of 2.1% in York Region. Some noteworthy items from the report include a breakdown on sales by bedroom type - bachelor units reflected only 2% of sales, but are often featured in new development marketing.  Two bedroom units reflect 34% of sales, making them the largest volume group. Average sale prices were as follows:  Toronto - $372,805, Durham Region - $226,378, York Region - $332,928, Oshawa - $177,520, Whitby $233,688, Markham $343,073. According to the CMHC's 2012 Fall Rental Market Survey, the number of units being rented is 23.6% in Toronto, but only 8.7% in Durham Region and 18.5% in York Region.  This reflects the higher proportion of units being purchased for investment purposes in the city.  Vacancy rates for rental units are also  much different between areas - in Toronto the rate is 1.4%, and 0% in Durham Region. If you are interested in seeing values for an area not shown, or are interested in average prices, please comment below or send me an email - john@johnsells.ca As always, give me a call anytime if you would to discuss further without any obligation.