Pricing of New Condo Apartment Remains Flat in July

This Report is Prepared by Real Condo Investors Team 

There were 995 new high rise sales in July 2013, down -29% from July 2012 and down -35% from the 10 year average for July. Year to date high rise sales now stand at 8,451 sales for the first 7 months of 2013, down -34% from the same time period last year, and down -20% from the 10 year average for January to July sales.

So far this year, unit type market share has the 1 Bedroom+Den with 30% 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 2.9% of the market in 2011.

Remaining inventory at the end of July 2013 was 22,147 units. That's down -2% from last month and up about +10% from July 2012.

High rise new home pricing across the GTA was up +0.5% for Apartment and up +1.6% for Lofts, and up +1.2% for Stacked Townhouse product from June to July 2013.

As at the end of July 2013, available Apartment condos were had an average asking price of $573/sf down -1.2% from July 2012. Likewise, condo Loft units are currently priced at $561/sf up +4.3% from last year. And Stacked Townhouse units are currently priced at $421/sf, which is down -3% 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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