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TORONTO – July 25, 2014: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q2-2014 market results today.
A total of 5,992 new condominium apartments were sold in the Toronto CMA during Q2-2014, representing the third highest volume of activity for a second quarter behind 2011 and 2007 and a 56% year-over-year increase from a post-recession low in 2013. The 12-month total for new condo sales reached 18,463 — directly in line with the 10-year annual average.
Price growth remained consistent with recent quarters, coming in at 2.8% annually to an average index price level of $554 psf in Q2. Pricing for unsold units continued to hold steady, growing by less than one percent to an average of $570 psf.
“The new condo market has performed well above expectations in the first half of the year, reflecting a sharp rebound in buyer confidence, a number of highly attractive new openings and a variety of incentives for existing inventory” said Shaun Hildebrand, Urbanation’s Senior Vice President.
“While sales have heated up, prices have remained in check due to competitive supply pressures and an absence of short-term speculation on the part of buyers” added Hildebrand.
The industry reached a new milestone during the second quarter by surpassing the 100,000 unit mark for projects in active development. Out of the 105,027 units in the pre-construction, under construction and occupancy phases, 18,744 units were unsold — above historical averages but down 3% from a year earlier. The share of total units sold reached a 10-year high of 82%.
Resale condominium apartment sales hit a record high of 5,238 units in Q2-2014, up 12% from a year ago. Listings also reached a new high of 11,246 listings, growing by a slightly slower pace than sales at 10%. As a result, resale market conditions tightened with the sales-to-listings ratio rising to 47% — just below the 50% boundary between a balanced and sellers’ market. Prices for resale condos grew by 3.4% year-over-year to an average of $427 psf, also a record high.
• Tentative Occupancy Date – November 2017
FACTS AND FIGURES
• Maintenance Fee – $0.49 psf per month (all utilities metered and paid separately)
• Property taxes estimated at approx. 0.75% pa
• HST included in purchase price
• PLATINUM BROKER – Approximately 1% off price list (see price list for exact amount)
PARKING, LOCKERS AND BICYCLES
• Parking – $39,000 (available for suites over $370,000) PLATINUM BROKER > $37,500
• Locker – $4,500 PLATINUM BROKER > $3,500
• Bicycle Parking – $300 PLATINUM BROKER > Get one free
* Note, separate maintenance fee applies for each.
DEPOSIT STRUCTURE – PLATINUM BROKER
• $3,000 on Signing
• Balance to 5% in 30 days
• 5% in 90 days
• 2.5% on May 1, 2015
• 2.5% on September 1, 2015
• 5% on May 1, 2017
• 0 on Occupancy
• $3,000 PLATINUM BROKER > No charge
• $3,500 PLATINUM BROKER > $2,500 on all suite types
• Special capped rate program through Bank of Montreal. Please ask for details.
Ground-breaking Bayside waterfront condo project for working artists already has a huge waiting list.
The housing pilot proposal got city approval last year and is being built by partners Hines and Tridel Corp., as part of Waterfront Toronto’s $1.1 billion brand new Bayside neighbourhood.
This project is the first of its kind, poised to integrate a diverse set of individuals into a new waterfront neighbourhood. The apartments are scheduled to be constructed in 8 floors of the 12 storey condo complex, functioning as a separate space with their own amenities and common elements. Having an on-site artistic community may even help to attract more condo sales throughout the rest of the project.
These units are a fantastic addition to much-needed affordable housing in Toronto, where less than 1% of the current non-profit housing supply is allocated to artists. According to the federal-provincial housing program, rents must be set at 80 per cent of average market rent. Families, couples and singles who have an annual household income of between $40,000 and $57,000 would be able to rent a unit. The city’s ongoing ownership of the proposed Artscape units will ensure that they remain affordable.
Final approval by council is expected in July 2014.
Sales of new condos in Toronto have rebounded from a year ago, according to market research firm Urbanation Inc. Compared with first quarter sales in 2013, the numbers of units sold for 2014 have increased by a huge 88% jump. This includes everything from pre-construction sales to currently completed builder inventory, serving to create a rebalancing of the market and a sense of stability for investors. New condo prices are still relatively low, so for single-family home buyers who want access to all the major transit lines in the heart of Toronto, right now is the best time to make that purchase.
What you want to know about buying and selling a home. CTV’s chief financial commentator Pattie Lovett-Reid and real estate expert Sandra Rinomato have your answers. Article
So when you get nervous buyers talking about an impending correction, you can add this to your counter-argument (along with, low rising rates, ever increasingly difficult mortgage financing thus weeding out the weaker buyers, strong equity positions by buyers and sellers, and low supply / high demand).
TORONTO – May 21, 2014: Urbanation Inc., the leading source of information and analysis on the Toronto condominium market since 1981, released its Q1-2014 rental market results today.
The number of condo apartments rented through the MLS system in the Toronto CMA grew by 13.5% in the first quarter to a record Q1 level of 4,448 units — building off the 31% annual growth recorded a year earlier. Rents grew by a more moderate pace of 0.5% annually to an average of $2.35 psf, following annual growth of 3.5% during the previous quarter. The average monthly rent slipped by 1.7% year-over-year to $1,824 as the average unit size rented declined by 2.3% to 778 sf.
For the fourth consecutive quarter, annual growth in rental listings (+19% to 6,352 units) outpaced growth in transactions, leading to slightly more balanced market conditions. The first quarter leases-to-listings ratio was 70%, compared to 73% in Q1-2013. The number of active listings at the end of the quarter increased by 31% to 1,367 units from a three-year low last year, but still represented only one month of supply.
“The rising number of recently completed units offered for rent continues to be met with exceptionally strong demand. Although competition among landlords has increased since last year, the market is still in their favour and supportive of rent growth” said Shaun Hildebrand, Urbanation’s Senior Vice President.
Next to Wellesley Subway STATION
Next to Ryerson university
Walking Distance to Bloor Street
Walking Distance to 5 World-Class Hospitals
Walking Distance to Eaton Centre