Urbanation Inc., released its Q2 – 2014 Toronto condo market results on July 25, 2014. Urbanation is the leading source of statistics and information for the Toronto condominium market.
In Q2, we had a record number of sales for resale condos in Toronto. 5238 units sold over that period, which is up 12% year over year.
The number of new listings also increased year over year to 11246, which is up about 10%. However, sales also increased by 12%. This means that even though there are more listings coming out on the market than last year, there are many more sales than last year which actually makes this a very tight condo market.
The sales to listing ratio for resale condos this Q2 was 46%, which is less than 50%. 50% is the level of a balanced market, which shows us that there are generally more buyers than sellers even for the condo market.
The prices of condos also increased by 3.4% on average in Q2.
We continue to sell many condos all over the city and our personal experience has been that we are seeing multiple offers on our condos. This is especially true in the high demand areas such as Midtown Toronto, King Street West, close to the Toronto waterfront, and around the St. Lawrence Market. There is a very short supply, high demand, and interest rates are very low.
John Manneh & Laura Spracklin – Midtown Toronto Real Estate