Toronto condo sales jumped this May as the overall housing market recovered from its winter slump
Condo sales rose 6.5 per cent year over year to 2,542 transactions, while all property sales increased 19 per cent, according to the Toronto Real Estate Board.
Despite this significant increase, TREB is careful to note that last May had a 15 year low, and this month’s sales were still below the 10-year average. For this, TREB blames the OSFI mortgage stress test and sellers unwilling to list their homes because they have no good option to move into.
“After a sluggish start to 2019, the second quarter appears to be reflecting a positive shift in consumer sentiment toward ownership housing. Households continue to see ownership housing in the GTA as a quality long-term investment as population growth from immigration remains strong and the regional economy continues to create jobs across diversity of sectors,” says TREB President Garry Bhaura. “However, sales activity continues to be below the longer term norm.”
Condo sales continue to prove more in-demand and they now make up 25.5 per cent of all TREB sales, second only to single-family homes, at 46.5 per cent.
Condo prices continue to outpace all other forms of housing, rising 5 per cent across TREB TO $590,875. Detached houses remained stable, edging up just 1 per cent to $1,042,220. Housing prices overall rose 3.6 per cent to $838,540.
Toronto Centre remains the most expensive and in-demand place to buy a condo in the GTA at $718,455, with 1,111 units sold. North York condos and Etobicoke condos remain affordable pockets in the 416 with condos closer to $500,000 to $600,000.
Halton Hills is technically the most expensive suburban city for condos, with units selling for $578,500, but only two units closed this May. Vaughan is the real winner, with 59 condos selling this may for $557,530. Next is Oakville, where over 61 units sold for an average of $545,722.
But Mississauaga, in Peel Region, wins the award for the most popular 905 city for dense living. It has the highest condo transactions outside of Toronto Centre at 331 units sold this May (for an average of $477,965.)
On the other end of things, it’s getting more and more difficult to find a condo unit for under $400,000 in the GTA. Oshawa, Clarington and Brampton are likely your best bets.
For more details on this month’s housing market check out the infographic below.
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