Toronto Condo Market Sales Drops 34%

The market trends have looked promising for Toronto condos in recent years, however, it seems as though the peak has been reached and is starting to dissipate, according to the latest statistics. In September 2012, sales started to drop, indicating a 34% decline compared to August. This occurred, even though the housing sales were higher than expected. Condo prices have increased steadily and slowly over the past few months, but now new condominium apartments are showing signs of a drop.

The initial increase in Toronto's condo market was thanks to the low interest rates along with the stable economy in Canada, which attracted many investors and developers to the area. This resulted in Toronto being number one in terms of new high-rise building development. However, the extent of continuous building was criticized by the Finance Minster, Flaherty, due to the risk of ever present consumer debt and sudden housing corrections. One of the major contributing factors to the downfall of the Toronto condo market comes as a direct result of this - tight mortgage lending rules.

In June, the value of various building permits dropped by 2.5 % and although this was better than the expected 3.6 % slide, it still had a major impact on the overall numbers which dropped drastically thanks to the poor number of non-residential construction plans. Housing permits on the other hand increased by 4.3 %. During the month of August, a large 7.9 % increase was noted for building permits, owing to a sudden rise in non-residential building permits (25.2 %), offsetting the 2.3 % residential permit decrease.

This summer also saw the single and multiple family unit markets rising steadily with a growth of 4.2 % in July, with the leading province being Ontario. Overall the Canadian housing market has grown continually this year, however the slowed rate of growth indicates that the market may be starting to cool off. Currently there are 196 condo projects in Toronto with another 52,695 units under construction. This includes the high profile Cinema Tower project by Daniels Corp, as well as Britt Condos by Lanterra Development, and U Condominiums by the Pemberton Group.

Join Our Mailing List




* Required

Upcoming Condos

Lighthouse East Tower Condos M City Plaza Midtown home (Power+Adelaide) Canvas Condos MAX Condos AYC Condos Cosmos Condos 3 Vita On The Lake Brownstone at Westown Phase 2 Unionville Glen Townhomes Sail Condominiums The Southwood By Streetcar Whitehaus Condominiums Sonic Condos York Condos Downtown Markham Daniels Waterfront Lighthouse Condos Briar Hill City Towns The Rosedale on Bloor Condos The Village Residences Pier 27 Condo 158 Front Condos On The Danforth Condos Modern Manors Townhomes Spice Urban Towns on Danforth Rd. Spring Valley Junction Homes Art Shoppe Loft + Condos The Bartholomew Condos Claridge Gate Upper Thornhill Townhomes Vida Condos Lindvest Brownstone Townhomes The Lighthouse Tower Condos Chelsea Maple Station Townhomes Park Avenue Place Condos Beacon Condos Design Haus Condos CityLights on Broadway The Ravine Condos Lotus Condominiums at Bayview Village Harmony Village Condos Soul Condos Minto West Side Condos Marquette Urban Towns The Colours of Emerald City Homes at Don Mills Patricia Homes At Bathurst & Steeles Omega On The Park The Ossington Town Homes Zigg Condos St.Clair West Riverside Square Lofts on Queen Enigma On the Park WQW Condos The Yorkdale Condominiums Vox Esta Gardens The Eglinton Islington Terrace 488 University Canary Park 11 Wellesley St Dundas Square Condos Totem Condos YC Condos Forward Condos Core Condos SQ Condos One Park Place South Tower Garrison Point Condos Aqualina Bayside 2221 Yonge Condos Monde Condos Park Towns Ny2 Condos Casa 3 Condos Harbour Plaza Condos 383 Sorauren Yonge-Rich Condos Musee Condos 155 Redpath Westlake Encore The Opus 365 Church Condos The Mark Condos King Blue Condos The College Epicurean High Park Residences Park Tower at IQ Vero Condos Ten York One Park Place Fashion District Condos Cinema Towers Diva Condos The Britt Residences 101 Erskine Condos Waterways Condo River City 3 460 Yonge 501 Yonge Condos 609 Sherbourne Condos eCondos Carnary District The Carnaby Lofts NIOR Condos SkyCity Condos 88 Scott Condos Eau Du Soleil Condos Tux Condos The Massey Tower Condos Sixty Colbourne Condos TAO Condos Flair Condos Xpression Condos Maestro Condos Grand Palace One Eleven The Brant Park Condos Edge Triangle Park Condos Nexus Condos