Toronto condo market bidding war territory

Lack of condo supply would be the headline for 2020, the Canadian Real Estate Association (CREA) said in its housing condo forecast in mid-December.

One one hand , we have a slightly increase in condominium apartment sales in the last 3 months of 2019,up 3.8 per cent year over year

Second factor is that new condominium apartment listings were down in the same period by a whooping of 11.9 per cent year over year.

First two factors suggests a increase in condo demand and a decrease in supply.

Mr. Michael Collins, president of TREB , said that  the “The condominium apartment market segment continued to perform well in 2019, with strong growth in sales and average price. Condominium apartments provide a relatively affordable entry point into the home ownership market for first-time buyers, who account for a substantial portion of demand each year.”

The third factor , a significant increase in resale condo prices in last quarter of 2019 will forecast the trend for condo sale prices in 2020.

Year over year price increase in GTA’ s condo market was 10.3% , resulting in an average condo sale price of  $660,379.

Efforts should be made by Province and policy makers to increase the  condos supply, both in rental and resale market, declared Jason Mercer, TREB’s Chief Market Analyst.

Click for full article


Leave a Reply

Your email address will not be published. Required fields are marked *