(This Report is prepared by The Real Condo Investors Team)
There were 1,120 new high rise sales in March 2013 for the 5th lowest March of the last 14 years, down -47% from March 2012 and down -25% from the March long term average of 1,490 sales. The best March on record for high rise sales was March 2010 with 2,404 sales.
Through Q1 2013, unit type market share remained similar to previous years with the most sales being 1 Bedroom + Den units with 32% of the market. 1 Bedroom units were next with just over 24% of the market so far in 2013 followed by 2 Bedroom units with just under 24% market share and then by 2 Bedroom + Den units with almost 9% of year to date sales. Studios are over 6% of total high rise sales for the first time.
Remaining inventory at the end of March 2013 was 20,851 units. That's down -1.7% from last month and up about +8% from March 2012.
High rise new home pricing across the GTA was up +0.2% for Apartment, up +1.9% for Lofts, and down -1.0% for Stacked Townhouse product from February 2013 to March 2013.
As at the end of March 2013, available Apartment condos had an average asking price of $583/sf up +0.5% from March 2012. Likewise, condo Loft units are currently priced at $548/sf up +6% from last year. And Stacked Townhouse units are currently priced at $416/sf, which is down -16% from the last year.
Please note Loft and Stacked Townhouse price changes can fluctuate greatly and not represent actual market trends due to the small and diverse nature of the constantly changing supply. Currently these product types represent only 8% of available inventory