Last week I promised a post about what’s really happening in the Toronto condo market. I had so much fun playing with the numbers from the Toronto Real Estate Board (TREB) that I decided to have an infographic made. Scroll down for our analysis of what this all means:

Condo Market Update - Toronto

BREL ANALYSIS

  • 2011 was a particularly crazy year for real estate in Toronto, I think all the experts expected the overall sales numbers to be down this year.
  • The central core (C1 in TREB lingo, roughly Yonge to Dufferin, the lake over to Bloor) has slowed significantly – sales down, prices down and listings up. Given this is where most of the new condos will soon appear, this a critical area to watch.
  • We saw a huge increase in prices in C2 (Yorkville, essentially), likely due to a bunch of new high end developments. It’s not likely that the average condo was selling for that much more, but that there were a bunch of $1 million+ condo sales that drove this number up. The big increase in new listings was likely also caused by new condo developments coming on the market, resulting in an overall longer time to sell (ie, more days on the market).
  • Good things are happening in the east end (E1 and E2 in TREB lingo): sales are up, prices are up, listings are down and condos are being sold quickly – go Leslieville!
We’ll be sharing this kind of deep analysis of the downtown real estate market quarterly, so stay tuned. In our next blog, we’ll share our predictions for the 2013 Toronto real estate market (with insight from the CMHC Housing Outlook conference we went to yesterday).
In the meantime, if you want to be on top of what’s happening in your neighbourhood, sign up for our T.O. Neighbourhood Reports, monthly snapshots of actual sales and trends by neighbourhood.

 

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