Thursday, April 19, 2012

Downtown Toronto condos hits $360,892 average price

Toronto condos are going up like crazy... but so are the prices.

Here's some interesting stats for you:

#1. Available listings in the GTA are up 14% in the first quarter of 2012, thanks to rapid condo construction.

#2. Sales for the same period are up 2% compared to the same period in 2011. (Some buyers are hoping increased supply will lower prices, but so far this isn't happening.)

#3. The average sale price in the GTA is up 3.7% in the first quarter of 2012 — $334,952 compared to $322,857 in 2011. (Stats from the Toronto Real Estate Board TREB.)

#4. Prices of downtown condos are up to $360,892 in the first three months of 2012, up from $348,779 a year ago. Up 3.4%.

#5. House prices are in the GTA are up 10% compared to 2011, so the housing market is going up faster than the condo market. (The Toronto housing market is going up due to bidding wars and shortage of supply.)

#6. Since March of 2011, the condo sales to listings ratio — a key real estate barometer for determining whether it’s a seller’s or buyer’s market – has gone from 49% cent to 40%. 30% is considered a buyer’s market.

The advantages of owning a condo downtown is you don't really need a car (or parking, which in downtown Toronto costs an average of $4000 per year).

Another thing that is fueling demand is investors. People who buy condos and then end up renting them out (and eventually selling the condo for a profit later). Investors make up approx. 9% of condo buyers in Toronto.

But what about maintenance fees?

Well according to research Toronto condo buyers are more willing than any other Canadian condo dwellers to pay the highest monthly maintenance fees — 17% said they’d pay more than $600 per month, compared to 10% nationally across Canada — for the convenience of living near transit and other amenities.

Myself? I would prefer something in the range of $150 to $250 per month for maintenance.

Which brings me to another topic... MY QUEST FOR A CONDO.

Sorry if I seem like I am beating a dead horse but this pet project of mine is still in its early stages.

I am trying to trade one thing for another thing and eventually get myself a condo. I started with a Hot Wheels 2008 Dodge Challenger car, I traded it to Ryan Anderson from Brampton for a Mastercraft Digital Multimeter Kit and now I am looking for a 2nd trade.



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