(This report is prepared by The RealCondoInvestor Team.) There were 501 high rise new home sales in December 2012 which brings the yearly total to 18,755 sales. The 2012 yearly total is down -34.72% from 2011 but still the 4th highest high rise sales year on record.
High rise remaining inventory finished the year at 20,998 units, the third highest month end total on record, and about +30% higher than at the end of 2011. Total new home inventory (high rise + low rise), however remains below 30,000 units at 28,522 units (or lots) available for sale. Total remaining inventory over the last 13 years has typically ranged from 25,000 to 30,000 units.
As for sales by unit type, 1 bedroom + den units were on top with 33% of the market (down -2.2 points from 2011), followed by 1 bedroom and 2 bedroom units at 24% (down -1.4 points) and 23% (up +1.8 points) respectively. 2 bedroom + den units had about the same market share as in 2011 at 10%, bringing the top 4 unit types to 90% of the market. The only other significant change is that Studio units captured 5% of the market in 2012, up +2 points from 2011.
Here is the breakdown of 2012 high rise sales by Submarket area. Leading the way in 2012 high rise sales was the Not Applicable submarket (those areas not included in a defined submarket area) with 5,194 sales or 28% market share. Following was Downtown West and Downtown Core with 3,060 sales (17% share) and 2,521 sales (14% share) respectively.
No other submarket had more than 1,000 sales but North Toronto, Mississauga City Centre, Hwy7-Yonge and Downtown East all had more than 800 sales for the year.
Regionally, 416 area accounted for 12,978 sales (69% mkt. share) while 905 areas had 5,777 sales for a 31% share of the market, up from 26% in 2011 and 21% in 2010.