Condominium 2012 Monthly Statistics

Every month the Toronto Real Estate Board (TREB) publishes sales statistics for resale homes and condominiums.  The monthly TREB housing statistics are helpful in understanding overall activity,  however  since it included statistics from Mississauga, Durham, Vaughan, Brampton, etc. it did not address specific geographical areas or housing types.   Here you will find a further breakdown of those numbers which will focus on the following key metrics:

  • City of Toronto
  • Toronto East
  • Condominium Apartment

By drilling down on specific sections of Toronto’s east end,  I believe it will allow both buyers and sellers a more accurate assessment of the direction of the condominium market.  If you are looking at Toronto East, it includes some of the following neighbourhoods:

  • The Beaches
  • Danforth East End (Upper Beaches)
  • East York
  • South Riverdale
  • Birchcliff – Cliffside
  • Leslieville
  • Guildwood
  • Eastern Waterfront

 

You can see by the data condominium apartments are the lowest in the city than any other geographic area.  Considering that Toronto east includes all of Scarborough and with neighbourhoods such as Malvern, Woburn and Morningside they contribute to lower average prices.  There are also some higher end buildings and areas within Toronto east, such as the Eastern Waterfront, Greenwood- Coxwell, Riverdale and The Beaches.   It should be noted that dozens of individual east Toronto neighbourhoods continue to have shown their long-term value and offer excellent buying opportunities.

 

Condominium Apartments Toronto East

GeographicArea Sales Average Price Median Price Average Selling Price to Listing Price Average Days on Market
January 2012 City of Toronto 775 $343,835 $317,500 98% 38
Toronto East 180 $240,418 $220,000 98% 38
February  2012 City of Toronto 1,212 $371,334 $332,500 99% 28
Toronto East 192 $254,491 $228,500 99% 34
March 2012 City of Toronto 1,584 $361,800 $329,900 98% 28
Toronto East 274 $237,909 $225,000 98% 33
April 2012 City of Toronto 1,534 $360,807 $330,750 98% 30
Toronto East 290 $246,435 $228,250 98% 35
May 2012 City of Toronto 1,632 $368,147 $336,750 98% 27
Toronto East 263 $245,328 $225,000 98% 30
June 2012 City of Toronto 1,415 $364,597 $334,900 98% 28
Toronto East 257 $239,280 $224,757 98% 32
July 2012 City of Toronto 1,246 $347,996 $320,000 98% 32
Toronto East 241 $236,005 $222,000 98% 31
August 2012 City of Toronto 1,072 $349,489 $322,500 97% 34
Toronto East 182 $239,333 $225,000 97% 34
September 2012 City of Toronto 934 $377,422 $334,000 97% 36
Toronto East 162 $241,481 $222,500 97% 39
October 2012 City of Toronto 1,141 $358,741 $329,500 97% 35
Toronto East 205 $226,967 $212,000 97% 35
November 2012 City of Toronto 987 $350,540 $320,000 97% 36
Toronto East 165 $230,222 $221,000 97% 38
December 2012 City of Toronto 680 $342,847 $317,500 97% 44
Toronto East 113 $223,592 $218,000 97% 45

Source: Toronto Real Estate Board

Statistics are great but here is what I see in the numbers:

SELLING

  • The best time to sell a condominium in Toronto’s east end looks to be April and May as they posted higher average prices, high number of monthly sales and low days on market.
  • The worst time to sell looks like August, September, October, November and December with low number of sales, longer days on market and lower listing sale prices.

BUYING

  •  If you were considering buying the looks to the best time to make a deal with low average to list prices, lower average prices and longer days on market.
  • April and May seem to be the worst time to buy with condos getting the higher average prices, shorter days on market and greater number of sales.  In the spring there are more buyers therefore more competition.

It should be said that in September the Ministry of Finance’s new mortgage restrictions came into effect which impacted on first time buyers qualifying for a mortgage.  With few buyers now unable to get financing they were no longer able to purchase a Toronto condominium.

It is important to repeat that when looking at these statistics is that some of Toronto’s east end neighbourhoods hold their value more than others.   This is where I provide for my clients the same statistical metrics but on a specific neighbourhood.  This is a great tool as we can look at the numbers and get an updated analysis of pricing and the best time to purchase or sell.  If you are considering a specific neighbourhood or building, contact me and I will pull together the data which will certainly provide a more accurate assessment for your needs.

Follow

Get every new post delivered to your Inbox

Join other followers: