CONDO PRICES

The resale market has settled at just under $400 per sq.ft. The new buildings are running from $400 up to $450+. Where will it end?
A new developer from Vancouver at the high end of the market thinks Toronto prices are cheap. he is building at up to $2,000 per sq.ft. I don't think Toronto is ready for that.
At the same time , the latest CMHC forecast of the Toronto Condo Market expects prices to rise by more than the 3.6% average this year for real estate.
And our own Company is forecasting over the long term that prices will more than double in ten years.

Want to Impress Your Friends with Your Real Estate Market Knowledge?

Sign up to Receive our Monthly Market Report

Receive monthly market updates on Toronto's sales and rental market as well as an in-depth look at every area in Toronto!

 

* indicates required

  • Market Report February-March 2017

    Sales Commentary The Toronto Real Estate Board no longer publishes mid-month sales numbers hence we are forced to guess the market going forward, based only on January results. In January, overall sales were ahead by 12% over January of 2016, but active listings were 49% lower than the 2016 number. We are starting to see all listings sell at over the list price. Some by as much as $200,000 which is scary! In terms of the downtown condo market, January sales were up 23% over the same month last year but ‘active listings’ were down by 57% from last year ...

  • Buying & Selling Assignments

    The Assignment market for condos is making a big come back. There are two reasons for this: First, there is a lack of resale condos to buy, forcing many people to look at the assignment market. Secondly, with tougher mortgage qualifications, many investors who bought pre-construction condos 3 to 4 years ago may not be able to close and will want to sell. While the opportunities are great and you can probably avoid the multiple offer scenario, the market is hard to track. Assignments are not usually found on MLS but are exclusive and the contracts can be difficult. Assignments ...

  • Can You Believe How Few Sales Most Agents Do?

    When the public tries to negotiate the commission down or tries to get a buyer rebate, their assumption is that all agents are the same. If all Agents were the same, then picking the agent who agreed to your request would net you the most money, but they are not! Did you know in 2016, there were 48,000 agents in the Toronto Real Estate Board? Did you know almost 13,000 agents did not do even a single sales end? And, there are two sales ends to ever sale, a list end and a buyer end. Did you know 25,000 agents ...

  • The Perfect Market for that Less than Perfect Condo

    Never have I seen a market with such little market inventory - properties for sale. Many owners, myself included, have said 'If you don't need to sell, sit on it", the market is still rising. But, this is also the best time to unload what I call, 'less desirable properties' and put them up for sale. In a normal market, these properties are difficult to sell and they sell at a discount. However, in today's market, they will sell at full value and quickly. So what do I mean by less desirable properties? Sell that condo on the second floor ...

  • 2017 Toronto Real Estate Market Forecast

      Share of Total Condo Apartment Sales  By Bedroom Type (All Areas) Source: Toronto Real Estate Board Q3 Many forecasters or pundits get bogged down in irrelevant statistics. Past experience has shown that the view from ‘the street’ has been more accurate than the ‘view from the executive floor’. In real estate, lower sales do not automatically translate into lower prices. And the average price to average income ratio for valuing property prices over a number of years is also of little value when you consider the impact of immigrants, non-residents, and self- employed buyers in today’s market. If you ...

  • 3 Predictions for Toronto Real Estate in 2017

    With 2016 drawing to a close, everyone wants to talk about the Toronto market for 2017. So here are my preliminary thoughts; Lower Sales than in 2016 We predict lower sales than we've seen in 2016. Why? There is no product available and listings are way down. Secondly, the new mortgage rules will make it harder to qualify for everyone. For first-time Buyers, many will not even qualify at all, which will put a drag on the move-up market as well. Prices will not be falling No, prices will not be falling, but don't expect price increases of 20% for ...

  • The Trump Effect (On Toronto Real Estate)

    With the election of Donald Trump in the U.S. people are asking me about the Trump effect on Toronto Real Estate. First, don't expect any Americans to move here, that was just celebrity talk. Do expect more people to move here from other parts of the world. That's all thanks to the Donald, who has made the U.S. less hospitable to immigrants. The other impact from this election is a jump in interest rates. Bond rates, which impact Mortgage rates are 1% higher today than the market low in the summer. However, they are still below rates in 2014. The primary ...

  • The Problem with Dual Agency

    Dual Agency seems to be today's hot topic. Most people think it occurs when a Sales Person represents both Buyer and Seller. In realty it occurs when one or more different Sales People from the same Brokerage represent the Buyer and the Seller. When there are different Sales People from the same Brokerage involved, we should really rename this, Designated Agency. This is where RECO, The Real Estate Council of Ontario, should step in and introduce new rules to cover each case. The other problem is that a Sales Person acting in Dual Agency knows all of the offers submitted ...

  • Market Report November-December 2016

    Sales Commentary On one level, sale results for October suggest that this market will continue indefinitely. Overall, sales on the Toronto Real Estate Board were ahead by 11.5% compared to October of last year. But there are signs that these sale increases cannot continue. ‘Active’ listings are down by 34% from last year at this time, and ‘days on market’ has shrunk to just 16 – meaning that we are running out of saleable properties. In 2015, sales from September to October increased by 7.5% (which is normal). In 2016, sales from September to October declined by 1%. This slowing ...

  • Who Regulates Realtors®?

    Recently, the media has pointed the finger at unscrupulous Realtors® in terms of self-dealing and unethical behavior. They want change and they point the finger at self-regulation. RECO, The Real Estate Council of Ontario was established to enforce the real estate and business brokers act and to deal with consumer complaints. It was set up by the Ontario government supposedly to provide self-regulation. In reality the government just out-sourced the cost of regulation onto the shoulders of salespeople and brokerages. Today, 6 out of 9 directors are appointed by the Government. Realtors® elect only 3. All RECO employees ...