The demand for condo apartments remains strong, as sales and prices of other housing types decline.
November 2017 results from the Toronto Real Estate Board (TREB) reported a 13.3% year-over-year drop in overall sales to 7,374. Meanwhile, new listings increased to 14,349, up 37.2% over November 2016 figures, and the average selling price totalled $761,757, down by 2.0%.
The condo picture was different. It showed a decline in sales of only 6.1% in the 416 area (to 1,606) and a 12.3% decline in 905 (to 604). This compares to an 18.9% drop in sales of detached homes in the 416 area (to 812) and a 19.2% drop in 905 (to 2,319).
The average price of a detached home in 416 declined by 5.1% to $1,276,184 and in 905 by 6.2% to $898,605, while the average price of a condo unit in Toronto increased 17.7% to $555,396 and in the 905 area by 10.6% to $414,782.
As Jason Mercer, Director of Market Analysis for TREB, notes: “Changes in market conditions have not been uniform across market segments … we are still seeing seller’s market conditions for townhouses and condominium apartments in many neighbourhoods versus more balanced market conditions for detached and semi-detached houses.”
The market has been on a roller coaster ride since the federal and provincial government made changes earlier this year. However, so far, the demand for condos isn’t going anywhere, anytime soon