ZENY MANINANG Sales Representative

ZENY MANINANG Sales Representative

Condo Market Statistics for Q4, 2019

Toronto January 15, 2020 - Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 5,367 condominium apartment sales through TREB's MLS® System in the fourth quarter of 2019. This result was up by 3.8 per cent compared to the fourth quarter of 2018.

New condominium apartment listings were down substantially by 11.9 per cent on a year-over-year basis when comparing to Q4 2018. This suggests that condo market conditions tightened further over the past year.

"The condominium apartment market segment continued to perform well in 2019, with strong growth in sales and average price. Condominium apartments provide a relatively affordable entry point into the home ownership market for first-time buyers, who account for a substantial portion of demand each year," said Mr. Collins.

The average price of a condominium apartment increased by 10.4 per cent from $558,733 in Q4 2018 to $616,591 in Q4 2019. Year-over-year price growth in the City of Toronto, which accounted for 71 per cent of transactions, was similar to the GTA as whole, at 10.3 per cent, resulting in an average price of $660,379.

"Tighter market conditions in the GTA condo market translated into increased competition between buyers and an accelerated pace of price growth. TREB continues to urge policy makers to develop strategies to bring more ownership and rental supply online, so that balanced market conditions and a moderate pace of price growth can be sustained over the long term," said Jason Mercer, TREB's Chief Market Analyst. (Read full report)

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July 24, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,038 condominium apartment sales through TREB's MLS® System in the second quarter of 2019. This result was up by 3.2 per cent compared to Q2 of 2018.

New condominium apartment listings entered into TREB's MLS® System were down by 3.5 per cent compared to Q2 2018, with 11,110 listings added in 2019 versus 11,512 listings added in 2018.

"As has generally been the case in the region since the implementation of the Ontario Government's Fair Housing Plan in 2017, the condo market segment has remained tight in comparison to other major housing types. However, from a price point perspective, condo apartments continue to offer prospective buyers a relatively affordable housing option when looking across the GTA," said Mr. Collins.

The average price of a condominium apartment increased by 5.1 percent from $561,343 in Q2 2018 to $589,887 in Q2 2019. Year-over-year price growth in the City of Toronto, which accounted for almost 70 percent of transactions, was slightly higher at 5.9 per cent, resulting in an average price of $639,316.

Through the first six months of 2019, condominium apartment completions reported by CMHC were down substantially on a year-over-year basis compared to the first half of 2018. Completions correlate to a certain degree with listings, as some investors choose to list their units for sale when title transfers to them from the builder.

The downturn in completions likely influenced both the year-over-year dip in new listings and the decline in the active listings count at the end of the second quarter. "The condominium apartment rental market also remained quite tight in the second quarter, with average rents for one-bedroom and two-bedroom apartments increasing above the rate of inflation on a year-over-year basis. However, we have seen an acceleration in the number of units listed for rent, which has provided renters with more choice in the market place and has coincided with a slower pace of average rent growth over the past year," said Jason Mercer, TREB's Chief Market Analyst. (Read Report)

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April 24, 2019 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 4,731 condominium apartment sales through TREB's MLS® System in the first quarter of 2019. This result was down by 6.8 per cent compared to Q1 of 2018.

New condominium apartment listings entered into TREB's MLS® System were up by 2.4 per cent compared to Q1 2018, with 8,222 listings being added in 2019 versus 8,029 listings added in the first three months of 2018.

"While we experienced a slightly better-supplied condo market in the first quarter of 2019, the market segment remained tight enough to retain the highest year-over-year rate of price growth compared to other major home types. Condos continue to provide prospective buyers with a relatively affordable housing option in the GTA, especially given the impact of the OSFI-mandated mortgage stress test," said Mr. Bhaura.

The average price of a condominium apartment increased by 4.5 per cent from $533,520 in Q1 2018 to $557,377 in Q1 2019. Year-over-year price growth in the City of Toronto, which accounted for 69 per cent of transactions, was slightly higher at 5.4 per cent resulting in an average price of $603,243.

Condominium apartment listings, in both the ownership and rental markets, can be influenced by the completion of new condominium apartment projects. According to CMHC, condo apartment completions were up substantially year-over-year in the fourth quarter of 2018, which could account for an uptick in condo ownership and rental listings in Q1 2019. Conversely, condo apartment completions were down year-over-year in Q1 2019, which could arguably impact listings in the opposite manner over the next three months.

"The condominium apartment rental market remained very tight through the first three months of 2019. Average one-bedroom and two-bedroom rents were up well-above the rate of inflation on a year-over-year basis in the first quarter. However, the condo rental market also benefitted from an increase in the number of units listed, resulting in more choice for prospective renters. With this said, we would need to see a number of quarters with listings growth outstripping rental transaction growth in order for the market to become more balanced," said Jason Mercer, TREB's Chief Market Analyst.  Read full report

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Toronto Condo Market Stats for Q4, 2018

January 28, 2019 -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 5,191 condominium apartment sales through TREB's MLS® System in the fourth quarter of 2018. This result was down by 9.9 per cent compared to the last three months of 2017.

New condominium apartment listings entered into TREB's MLS® System were down by more than sales on a year-over-year basis – dropping 11.2 per cent from 8,186 in Q4 2017 to 7,272 in Q4 2018. This points to tighter market conditions at the end of 2018 compared to year-end 2017.

"The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 2018. Condos represent a relatively affordable housing option. With a substantial decrease in listings in 2018, competition between intending buyers remained strong. This supported average price growth well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types," said Mr. Bhaura.

The average price of a condominium apartment increased by 8.3 per cent from $516,086 in Q4 2017 to $558,728 in Q4 2018. Year-over-year price growth in the City of Toronto, which accounted for 72 per cent of transactions, was slightly higher at 8.9 per cent resulting in an average price of $598,664.

"The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 2018. Higher mortgage qualification standards meant that many first-time buyers were looking for more affordable housing options. Moving forward, the concern is that a continued lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs," said Jason Mercer, TREB's Director of Market Analysis. (Read full report)

 

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condo_report_Q4-2018.pdf2.07 MB
condo_report_Q1-2019.pdf2.07 MB
condo_report_Q2-2019.pdf2.01 MB
condo_report_Q4-2019.pdf2.02 MB

750 BAY ST #3603 Corner Penthouse at Bay & College

3603 - 750 Bay St ,  C4619207, Toronto,  sold, , ZENY MANINANG, HomeLife/Bayview Realty Inc., Brokerage*

Corner Penthouse in Prime Bay & College Location! Features 9 Ft.Ceilings, only 4 Units In Penthouse, $$$ spent in renovations, brand new Laminate Floors, Painted Throughout, Huge Master Bdrm. Great City & Lake Views! Excellent Amenities:24 Hr. Concierge, indoor lap pool,Whirlpool,Jogging Track,Gym,Sauna,Party Rm*Walk To U Of T,Ryerson,Toronto Hospitals,Eaton's,Discovery District,Financial District, Access To Subway Through College Park Across the Street *Parking Spot Next To Elevator*Maintenance Fees Include All Utilities! Convenient TTC access: One of the top bonuses is having the condo across the street College Park South Tower has direct underground access to College Street Station on the Yonge-University subway line. Accessed through the College Park Mall, a historical commercial space that features a 24-hour Metro. Many residents will appreciate this short-cut to their daily travels during Toronto winters.

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Penthouse 750 Bay St #3603

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