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Demand for condominium apartments and townhomes on the upswing in the GTA, says RE/MAX
For immediate release Toronto, Ont. Low interest rates have bolstered condominium apartment and townhouse sales in the Greater Toronto Area in recent months, says RE/MAX. Sales are up marginally over last year’s record-setting pace, rising from approximately 15,500 to almost 16,100 units year-to-date, according to Toronto Real Estate Board data. Condominium apartments and townhomes now represent 31.1 per cent of all homes sold in the GTA, up from 29.6 per cent in July.
“We’re at the point where close to one in every three homes sold is a condominium apartment or
In fact, condominium sales in August were up by 25 per cent over the same month last year. In the downtown core and the Etobicoke waterfront, sales were up by 37 per cent and 50 per cent respectively during the same period. In spite of the upswing, fewer sales are occurring in the under $150,000 price range. Sales in that segment of the market are down 25 per cent year-to-date. By comparison, sales of condominiums priced over $150,000 have increased significantly, in large part reflecting the price appreciation that has occurred over the past year.
Sales of condominiums priced between $200,000-$300,000 have experienced the greatest increase, rising 20.3 per cent over 2002 levels. The luxury condominium market, priced over $500,000, is also on the rise, with sales up 19 per cent over one year ago. Mid-range condominiums, priced between $300,000 and $500,000, are up 14.3 per cent while those priced from $150,000 to $200,000 were up 8.8 per cent over the same period one year ago.
“Selection and affordability are key factors in today’s marketplace,” says Jamie Johnston, Broker-Owner, RE/MAX Condos Plus, situated in downtown Toronto. “There is an ample supply of condominiums currently listed for sale – a fact best underscored by statistics. With condominiums representing 63 per cent of all new listings in the central core, there’s no question that those coming on stream are being absorbed by the market. In August, for example, condominiums represented 64 per cent of total sales in the central core. Clearly, supply is meeting demand.”
In addition, the influx of condominium units in the downtown core is expected to ease over the next two years. Only the Water Club, Radio City and Water Park developments are under construction – no other major projects are scheduled for completion over the next 18 to 24 months.
“A balanced market is an ideal environment for both buyers and sellers,” explains Johnston. “And as long as
Condominiums as Percentage of Total Sales in the GTA January – August 2003 First-time buyers have been a driving force in the residential condo market for quite some time. Last year, says Johnston, approximately 63 per cent of condominiums in the GTA sold for under $200,000. This year, that figure has dropped to 57.5 per cent, down more than five per cent from one year ago. Not surprisingly, very few of those condominiums are located in the central core. First-time buyers typically find the cost of a starter condominium in the downtown core prohibitive. As a result, many are purchasing smaller studio units or investigating options in the north, east, and west end of the city. Move-up buyers and empty nesters are behind the push for condominiums on the waterfront.
“We suspect that move-up buyers and retirees will fuel demand for higher-priced condominium units in the central core this fall.”
Investors continue to be noticeably absent from the marketplace due to rising vacancy rates and lower rent. RE/MAX is Canada’s leading real estate organization with over 11,600 sales associates in more than 540 independently-owned and operated offices. The RE/MAX franchise network, now in its 30th year of consecutive growth, is a global real estate system operating in over 44 countries. More than 4,600 independently-owned offices engage 84,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in residential, commercial, referral, relocation and asset management. For more information, visit: www.remax.ca.
From: RE/MAX Condos Plus RE/MAX Ontario-Atlantic Canada Point Blank Communications Sept. 03.
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