Treb condo commentary_q2_2010

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Treb condo commentary_q2_2010

  1. 1. Condominium Apartment Sales-to-Active Listings Ratio and Second Quarter 2010 Median Price Growth 70% Annual Median Price Change (Right Scale) 25% Active Listings Growth for Condo Apartments Outpacing Annual Median Price Growth Listings for Low-Rise Home Types 60% Sales-to-Active Listings Ratio (Left Scale) 20% Sales-to-Active Listings ratio 50% 15% Following very tight market conditions in the first quarter of 2010, the resale 40% 10% home market became better supplied between the beginning of April and the 30% 5% end of June. The number of active listings climbed strongly in the second 20% 0% quarter compared to the same period last year. Leading the growth in 10% -5% listings was the condominium apartment segment. In the central districts in 0% -10% particular, active listings for condominium apartments grew by 79 per cent year-over-year in the second quarter – a much stronger growth rate relative Source: Toronto Real Estate Board to the 25 per cent increase for all other home types. Condominium Apartment Completions and The active listings trend for condominium apartments follows the trends for MLS® Active Listings annual median price growth and new condominium apartment completions 7,000 Completions Active Listings in the GTA. With the exception of a brief downward blip in the third quarter 6,000 of 2009, new condominium apartment completions have remained strong 5,000 4,000 over the past year. This suggests that many new units, which are owned by 3,000 investors or buyers whose housing needs have changed since their pre- 2,000 construction purchase, continue to be listed in the GTA resale market. This 1,000 is especially the case within the City of Toronto where almost 80 per cent of 0 GTA condominium apartment construction is taking place. Strong price growth has also attracted more listings into the market, as some owners look to convert substantial “paper” returns into actual “dollar” returns. Of Source: Toronto Real Estate Board; CMHC course, with a surge in active listings over the past few months, buyers have benefitted from more choice and the annual growth rate for the median price Written By: has moderated to a certain degree. Jason Mercer TREB Senior Manager of Market Analysis. jmercer@trebnet.com

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