According to the second quarter condo report just released by the Toronto Real Estate Board (TREB), sales in the GTA numbered 5,984, a 6 per cent drop in comparison to the same period last year. The city also saw a slight bump in prices, with the average price for a suite rising 1.7 per cent from $342,148 to a new average of $347,896.
“Even with sales down and the number of active listings up, the average selling price has found support at current levels,” said Toronto Real Estate Board (TREB) President Dianne Usher, in the news release.
Here’s how the GTA fared, region-by-region:
Though most regions within the GTA hovered around the overall average reported by TREB, some fared better than others. Toronto-proper measured a 4.6 per cent drop in sales between the second quarter of 2012 and 2013. It fared a bit better in pricing too, with values increasing 2.3 per cent to $372,805 during the second quarter of 2013, compared to last year’s average of $364,342. Of all the regions in the GTA, the 416 was the only major district to see a year-over-year price bump, (excluding the handful of sales in the region marked “other”).
Halton appeared to perform the best in terms of sales. Not counting the “other” designation, it was the only region that saw year-over-year sales. It counted 127 transactions in 2013, up 7.6 per cent from the 118 sales in the second quarter of 2012. Values, however, saw a slight downward turn with a 1.6 per cent decrease in the second quarter of 2013 for a new average of $327,748.
Peel and York Regions
Peel and York regions both saw a double digit drop in sales though their average prices didn’t decline as much. Peel recorded 885 sales in the second quarter of 2013, a 10 per cent fall from the year before. The district’s average price for a home also saw a slight decline of 2.3 per cent year-over-year, to a new average of $258,350. In the second quarter of 2013, condo sales in York slipped by 11.1 per cent compared to the same time in 2012. The average price fell from $264,537 to $258,350 in 2013 for a 2.3 per cent decrease.
East vs. West
In Toronto, some neighbourhoods fared better than others. The east end in general saw properties snapped up quicker: condos for sale spent an average of 29 days on the market, compared to 30 in central Toronto and 36 in the west end. The E06 district on the TREB Map (Birchcliffe-Cliffside area) saw properties sit on the market an average of 8 days, though it should be noted that there were only 8 properties sold in total during the second quarter. E02, or The Beaches/Woodbine Corridor, came next with an average of 12 days on the market and 33 sales in total for the second quarter. Out west, W06 (Etobicoke Lakeshore) clocked up the longest time, with an average of 45 days on the market. A total of 191 condos in the district changed hands.
Popular Properties in the Downtown Core
During the second quarter, the $300,000 to $399,999 price range saw the most activity in downtown Toronto with about 600 sales. The layouts that received the most love in the last quarter were the one bedroom plus den units, as 452 of these suites were sold. It was closely followed by one bedroom units, which saw 405 sales.
For more information see the charts and tables below…