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Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.
"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."
The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.
City of Toronto (416) average selling price for July was $475,717 - up 7%
City of Toronto (416) condo sales up 32% y/y prices up 6% y/y
http://www.torontorealestateboard.c...et_news/news2011/pdf/nr_market_watch_0711.pdf
July 2011
Meanwhile, the TSX is down 400 points. 2011 gains are gone (at least mine are)
So all this talk about a so called buble bursting? well where is this buble? I have heard this BS for years.
Please leave this assumptions behind, only a Realtor truley knows where the market is going and it up.
There is no better time to buy than now, contact me for detals!
Please Pat have nowledge, when sick you go to a mechanic? NO you go to doctor because they now medecin, for real estate you go to Realtor they are profesionals!
Need a Realtor? Come be with the best!
Please Pat have nowledge, when sick you go to a mechanic? NO you go to doctor because they now medecin, for real estate you go to Realtor they are profesionals!
Need a Realtor? Come be with the best!
TORONTO – August 4, 2011: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, today released its Q2-2011 market overview.
The condominium market in the Toronto CMA smashed nearly every existing record in Q2-2011. The most noteworthy record was for quarterly new condo sales: 9,455 units sold in Q2, topping the previous record high of 6,997 set in Q2-2007 by a whopping 35 per cent.
Q2-2011 also set records for the number of active projects, active units, sold index price, unsold index price, new condominium launches, units and projects under construction, and quarterly unit registrations.
There have been 24,731 new condominium sales over the past 12 months, topping the previous record high of 22,654 set in Q4-2007 by 9 per cent. There were 39,196 condominium units under construction in the Toronto CMA in 153 projects in Q2-2011, a high water mark for the CMA. Just 16 per cent of the 78,142 units in 306 active condominium apartment projects were unsold at the end of the second quarter, a record low.
“These results for Q2 are remarkable, but they will likely bring about more talk of the sustainability of the condominium market,” says Ben Myers, Urbanation Executive Vice President and Editor. “But it’s clear that the market is not experiencing rapid increases in pricing, which is the hallmark of a real estate bubble. The market is very healthy, as condominium resale activity remains strong, and results from our new UrbanRental report show that condominium rents have improved over the first quarter.”
Both the new and resale condominium markets saw increases in index prices, with unsold pricing in the new condo market rising from $529 psf in Q2-2010 to $552 psf in Q2, an increase of 4.3 per cent. The resale index price increased from $370 psf to $391, or 5.7 per cent. Additionally, index rents improved 5.5 per cent year-over-year.
The high level of investor activity in the market has also been the subject of some negative attention from the media. But, says Myers, the ‘occupancy intentions’ of buyers should be of little concern so long as the resale market continues to absorb the higher priced newly registered units and condominium rental rates remain strong.
Urbanation attributes the record-setting second quarter sales to the major influx of new product: 44 new project launches introduced 9,182 units to the market. The new openings in the ‘905’ region actually had a higher absorption rate than the ‘416’area projects.
“The 905 has experienced blowout sales successes in Q2, as did several of the 30 openings in the 416” says Myers.
The resale condominium market is also on target for a record year. Similar to the new market, the resale condo market was boosted by the addition of new supply. A record 7,815 units registered in Q2-2011, nearly as many as the previous three quarters combined.
Looking ahead, Urbanation is forecasting 25,000 new condominium sales and 17,000 resale transactions for 2011.
While July average prices are 6% higher than last year, according to a news item in The Globe and Mail, July prices are 3.2% lower than June.
Beginning of the much talked about and anticipated bubble burst?
klb86, sincere sympathies on your losses in the stock market.
With stock markets crashing, perhaps the Toronto housing market can be seen as a relatively 'safe' investment where you can park your money? Maybe there will be a paradoxical rise?
Btw, anyone claiming that because sales are lower in July than in June, the crash is happening clearly doesn't have memory lasting longer than 1 year. It's almost always lower in July than in June. Seasonal variation.
It's not July sales lower than June sales. It is that prices in July are lower than June by 3.6%
hi all, I'm confused with this statement. how is this number calculated? is it just the average prices across the board? if so, wouldn't this number be skewed if there were a large number of small condos added to the market? it doesn't seem to be a good market index if this is the case.
I don't think there is anything "safe" during recessions. Even the last recession Toronto experienced a minor correction. Maybe people now will realize that this credit crisis was never over.
