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.

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TREB

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