Condominiums 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 Central
  • Condominium Apartment

By drilling down on specific sections of Toronto  I believe it will allow both buyers and sellers a more accurate assessment of the direction of their housing market.  If you are looking at Toronto Central it includes some of the following neighbourhoods:

  • Waterfront Communities
  • Don Mills – Banbury
  • Mount Pleasant
  • The Annex
  • Niagara
  • Yonge Eglinton
  • Yonge St Clair
  • Casa Loma

 

You can see by the data condominium apartments are the highest sold prices in Toronto as well the most active in terms of sales than in any other geographic area.    It should be noted that dozens of individual central Toronto neighbourhoods where condominiums make up almost all of the available housing.

 

Condominium Apartments Toronto Central

Geographic Area 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 Central 572 $416,237 $360,050 98% 32
February  2012 City of Toronto 1,212 $371,334 $332,500 99% 28
Toronto Central 777 $432,478 $369,000 99% 24
March 2012 City of Toronto 1,584 $361,800 $329,900 98% 28
Toronto Central 976 $422,396 $369,900 99% 26
April 2012 City of Toronto 1,534 $360,807 $330,750 98% 30
Toronto Central 972 $416,368 $373,000 98% 27
May 2012 City of Toronto 1,632 $368,147 $336,750 98% 27
Toronto Central 1,034 $418,971 $368,150 99% 25
June 2012 City of Toronto 1,415 $364,597 $334,900 98% 28
Toronto Central 857 $424,875 $376,500 98% 25
July 2012 City of Toronto 1,246 $347,996 $320,000 98% 32
Toronto Central 746 $403,143 $365,000 98% 32
August 2012 City of Toronto 1,072 $349,489 $322,500 97% 34
Toronto Central 663 $402,806 $355,000 97% 33
September 2012 City of Toronto 934 $377,422 $334,000 97% 36
Toronto Central 601 $434,674 $360,000 97% 34
October 2012 City of Toronto 1,141 $358,741 $329,500 98% 35
Toronto Central 718 $417,842 $370,000 97% 35
November 2012 City of Toronto 987 $350,540 $320,000 97% 36
Toronto Central 597 $407,736 $354,600 97% 34
December 2012 City of Toronto 680 $342,847 $317,500 97% 44
Toronto Central 425 $400,000 $350,000 97% 43

Source: Toronto Real Estate Board

Let me give you a quick analysis of what this data tells us regarding the Toronto condominium market:

SELLING

  • The spring market tends to favour sellers with the months of March April, May and June showing the largest number of sales, good listing to sale prices, high average prices and short days on market.
  • The fall tend not to fair as well for sellers with the months September, October, November and December posting low number of sales, lower average prices and longer days on market.

BUYING

  • For buyers it looks like August, September, October, November and December was the best time to buy; with lower average prices, longer days on market and lower listing to selling prices.
  • The worst time to buy was in the spring, where there were higher average prices, more buyer actively looking and higher list to selling prices.

It should be said that in September the Ministry of Finance’s new mortgage restrictions came into affect 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 central 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.

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