REal Experts Condo Market Analysis

Picture from Urban Toronto


Project Developer District #Units Sold $/PSF
Five Condos Graywood & Mod Downtown Core 493 320 $603
Tango Concord Adex Sheppard Corridor 384 218 $458
One Valhalla Edilcan Group Etobicoke 216 163 $403
King Edward Dundee & Skyline Downtown Core 145 143 $729
Four Seasons Catalia Richmond Hill 201 55 $402

In June there were 1,764 sales (down 0.9% from last year)
Year to Date 2010 - 9,934 sales (up 142% from last year)
Unsold Inventory - 14,498 units (down 15.6% last year)

Observations

• Commonality -Top 5 developers are active in courting the brokerage community
• Lots of sites competing for buyers.
• Developers continuing to buy sites at top dollar (e.g. Freed Developments purchases 2.4 acre site at 578 & 580 Front Street West (on the corner of Bathurst) for $42 million!)
• Toronto is now largest Hi-Rise Market in North America
• Prices are up from last year (2010 Avg $486 psf vs 2009 $430/psf - this stat is an average and really means nothing - have to see what's going on in your local market)
• Banks still tight on construction financing, most projects still require 20% down for the majority of their purchases
  

Conclusions

• 29+ launches set for fall, REal Experts expects to see sales fall and incentives to go up