The number of units sold in 2014 was the second highest in the past ten years reaching 92,867 after 2007 that reported 93,193 showing the great importance households have given to Real Estate as it is considered a great long time investment. During the past 10 an average of 86,250 units per year have been sold and the price has been increasing on an average of 6.0% yearly.
The Year Average Price for the Greater Toronto Area had an 8.35% year increase from $523,036 in 2013 to $566,726 in 2014. There has been a shortage of listings for single family homes that resulted in higher prices for the overall available properties.
For 2015, banks are not seeing any changes in borrowing costs so consumers are expected to continue with the trend of investing in Real Estate. Condos are also estimated to continue its popular growth and areas such as Yonge & Eglinton and Yorkville are going to have a whole array of new offerings that are good for consumers who will have lots of choices to select and invest. Townhouses are still a norm on main arteries and are transforming neighbourhoods such as Little Italy.
Following the yearly trend, the beginning of the year started slow having a peak of sales and prices in May and October which are traditionally the highest months for transactions.
Detailed reports of specific neighbourhoods are available on demand. Please contact Alex Pino, Broker if you would like to receive yours.
NEW CONDO MARKET
Based on Urbanation Inc., a total of 21,605 new condominium apartments were sold across the Greater Toronto Area during 2014, representing the third best year after 2011 and 2007. A record 20,809 condo units were completed in 2014. These figures are extraordinary and keep Toronto on the world map as a destination for real estate investment
It seems this year the newscasts are on better terms with the Real Estate industry as the headlines are more positive. We are pleased to share the basic general figures of the Real Estate Market in the GTA as of December 2013.
Though at the beginning of the year the number of sales was lower, there was a strong number of sales from April to July, followed by a steady second semester. December had a steep 14% and the year ended with a total of $87,111 units sold.
The Year Average Price for the Greater Toronto Area had a 5.21% year increase from $497,130 in 2012 to $523,036 in 2013.
Every single neighbourhood is comprised of several sub pockets with their own data that should be analysed accordingly.
For 2014, provided borrowing costs will remain affordable, we foresee a strong home ownership market. Boomers in established low rise residential neighbourhoods are staying home longer adding more pressure to the prices as there is limited land availability. The new residential norm all over the city is single homes are being converted to townhouse projects containing several units. As there is more employment being offered in the core of the city, condos will continue to lead the market numbers with strong presence in the subway corridors.
In the past 10 years there has been a steady increase in prices fluctuating in the 6.0% mark per year and a constant number or properties sold averaging 83,500 units.
Please let us know if you would like to review a detailed report on your neighbourhood and we would be pleased to send it.