All these cranes in downtown Toronto, so many condos being built… This can't end well, there is way too much supply. Who is going to buy all those condos?!
Apparently, it is not as bad as we think. Resale prices for condos in the GTA are actually going up, not down. Who would have thought that!
4,586 condominium apartments changed hands through the TorontoMLS system in the fourth quarter of 2013. Up by 21 % in comparison to Q4 2012 with 3,789 transactions.
The average selling price for condo apartments in the fourth quarter was $353,665 – up 6.5 % compared to Q4 2012. In the City of Toronto, where condo apartments account for approximately half of sales, the average selling price was up by 8.3 % to $381,008.
"If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. The degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
Apparently, it is not as bad as we think. Resale prices for condos in the GTA are actually going up, not down. Who would have thought that!
4,586 condominium apartments changed hands through the TorontoMLS system in the fourth quarter of 2013. Up by 21 % in comparison to Q4 2012 with 3,789 transactions.
The average selling price for condo apartments in the fourth quarter was $353,665 – up 6.5 % compared to Q4 2012. In the City of Toronto, where condo apartments account for approximately half of sales, the average selling price was up by 8.3 % to $381,008.
"If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. The degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth," said Jason Mercer, TREB's Senior Manager of Market Analysis.
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