Market Update - New High Rise Sales Remain Low For The Month Of February

 (This report is prepared by The RealCondoInvestor Team.)

There were 952 new high rise sales in February 2013 for the 6th lowest February of the last 14 years, down -7% from February 2012 and down -13% from the February long term average of 1,095 sales. The best February on record for high rise sales was February 2011 with 2,203 sales.

Over the previous 2 months, unit type market share remained similar to previous years with the most sales being 1 Bedroom + Den units with 30% of the market. 1 Bedroom units were next with 29% of the market so far in 2013 followed by 2 Bedroom units with 24% market share and then by 2 Bedroom + Den units with almost 8% of year to date sales. Studios remain at 5% of total high rise sales so far this year.

Remaining inventory at the end of February 2013 was 21,262 units. That's up +2.4% from last month and up about +34% from February 2012.

High rise new home pricing across the GTA was down -0.3% for Apartment, flat for Lofts, and down -0.2% for Stacked Townhouse product from January 2013 to February 2013.

As at the end of February 2013, available Apartment condos had an average asking price of $583/sf up +1.6% from February 2012. Likewise, condo Loft units are currently priced at $541/sf up almost +3% from last year. And Stacked Townhouse units are currently priced at $416/sf, which is down almost -19% from the last year.

Lofts 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.

Antony Chan

Antony Chan

CENTURY 21 King's Quay Real Estate Inc., Brokerage*
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