New High Rise Continue to Show Weakness In June

This Report is Prepared by Real Condo Investors Team

There were 1,251 new high rise sales in June 2013, down -46% from June 2012 and down -38% from the 10 year average for June. Year to date high rise sales now stand at 7,380 sales for the first half of 2013, down -35% from the same time period last year, and down -19% from the 10 year average for the first 6 months.

So far this year, unit type market share remained similar to previous years with the 1 Bedroom+Den with 31% of all high rise sales. 1 Bedroom units have slipped to third for most of this year with 25% market share with 2 Bedroom units now in second with 26% of year to date sales. Studios remain at 5% of year to date sales, up from 2.8% of the market in 2011.

Remaining inventory at the end of June 2013 was 22,651 units. That's up down -2% from last month and up about +6% from June 2012.

High rise new home pricing across the GTA was down -0.3% for Apartment and down -0.2% for Lofts, and up +1% for Stacked Townhouse product from May to June 2013.

As at the end of June 2013, available Apartment condos were had an average asking price of $574/sf down -0.9% from June 2012. Likewise, condo Loft units are currently priced at $552/sf up +2.6% from last year. And Stacked Townhouse units are currently priced at $416/sf, which is up down -8.6% 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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