(This Report is Prepared by the Real Condo Investors Team)
There were 633 new high rise sales in August 2013 making it the lowest August of the last 10 years, down -18% from August 2012 and down -46% from the August 10 year average of 1,168 sales. The best August on record for high rise sales was August 2011 with 1,923 sales.
Through the first 8 months of 2013, unit type market share has changed slightly as compared to previous years. 1 bedroom + Den units still lead the way with almost 30% of unit sales this year; down from almost 35% in 2011. The 2 Bedroom unit has surpassed the 1 Bedroom unit this year with 26.8% of the market compared to 24.3% for the 1 Bedroom unit type. 2 Bedroom + Den units now have 9.5% of this year's sales, down slightly from last year. 3 Bedroom units are now up to 2.2% of this year's sales which is the highest it's been since 2009. Studio units are now at 4.6%, down from 5% in 2011.
Remaining inventory at the end of August 2013 was 21,028 units. That's up +2.5% over the last year but down -10.4% from the recent peak in May 2013 due to very low new supply over that time.
High rise new home pricing across the GTA was up +0.5% for Apartment, flat for Lofts, and up +2.6% for Stacked Townhouse product from July 2013 to August 2013.
As at the end of August 2013, available Apartment condos had an average asking price of $577/sf down -0.9% from August 2012. Likewise, condo Loft units are currently priced at $563/sf up +4.3% from last year. And Stacked Townhouse units are currently priced at $430/sf, which is down -2.7% 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 about 7% of available high rise inventory.