Here are the statistics for last month:

Over the last 5 years, the average number of condos on the market for sale in March has been 1061. This past March we had only 432, available inventory is less than half as typical.

Over the last 5 years, the average number of condos on the market that sold in March has been 415. This past March we had 424 sales... demand is typical.

The ratio of Condo Supply vs Demand has spiked once again. This a strong precursor to rising prices. The ratio was almost 1, meaning the number of condos sold equaled the number of condos that were on the market. Another way of interpreting this is that there is only 1 month worth of inventory available for sale. This has been the real story for the last 2 years... the condo market is starving for inventory.

The median price of a downtown condo was flat at $585,500 in March.

In March, the average price of a detached home was slightly up from $1,282,240 to $1,293,903. Since January 2017, home prices are still down -3.2% whereas condos are now up 27.2%. 

You would think that all the condo development in the city would over-supply the market and we would see attractive prices but that's not the case. We believe many homeowners are using their equity to buy new construction as an investment which will provide a rental unit one day but absorbs end-user supply. To make things worse, condo developers costs have increased so much (land prices, city development charges, construction costs etc) that they really need to price their projects at $1,000 per sq ft or more to ensure profitability. Many developers aren't willing to take on that risk and they're looking at developing outside the city in Hamilton, Guelph, Waterloo etc. Developers discouraged from building downtown will further impact supply and prices.

Featured Listing
Queen Street West Townhouse at 59 Elm Grove Unit 5
$1,199,999

This modern townhome, only 8 years old, is in a quiet enclave of only 4 units with it's own private back yard oasis. Walk to coffee shops, Trinity Bellwoods Park or the lake but still have space to grow, low maintenance, outdoor space and headache free living. The unit is 3 bedrooms with 18 foot ceilings in the living room totaling 1835 sq ft of indoor space. 

Come have a look and meet us at the open house this weekend April 14th/15th from 2-4pm!