While condos remain the best alternative for price-conscious buyers, some don’t seem to be aware of that.
According to January housing market statistics released recently by the Toronto Real Estate Board (TREB), sales of all housing types declined by 22% in the first month of 2018 to 4,019, compared to 5,155 in January 2017.
Sales of condominium apartments dropped 21.9% to 1,275; 416 condos declined in sales by 19.8% to 899, and 905s by 26.4% to 376. This compares to overall sales of detached homes, which declined by 26% to 1,659, and semi-detached and townhome sales, which dropped by 13.1% (to 364) and 12.6% (to 675) respectively.
Prices declined by 4.1%, with the average price of a home in the GTA now totalling $736,783. Condo prices increased the most of any housing type – up 14.6% overall (15.1% in 416 and 11.3% in 905). The average price of a condo unit totalled $507,492 ($543,279 in 416 and $421,927 in 905.)
TREB suggests that housing prices may rebound. And sooner rather than later. Says Jason Mercer, TREB’s director of market analysis: “It is likely that market conditions will support a return to positive price growth for many home types in the second half of 2018.” He adds: “The condominium apartment segment will be the driver of this price growth.”
Buyers (and sellers) may want to consider the opportunities that exist now. Before that rebound.