Toronto Condo Market
First Quarter 2013
Greater Toronto Area REALTORS® reported 4,133 condominium apartment sales through the Toronto MLS system during the first quarter of 2013. This result was down by approximately 17 per cent in comparison to the first quarter of 2012. New listings of condominium apartments were also down on a year-over-basis in the first quarter, but by a lesser annual rate of 5 per cent. “Buyers benefitted from a substantial amount of choice in the condo market in the first quarter, especially in comparison to low-rise home types. This being said, the fact that new condo listings were down in the first quarter suggests that the market may become tighter moving forward. This will also depend on the timing and scale of future condo apartment completions,” said Toronto Real Estate Board President Ann Hannah. The average price for first quarter condominium apartment sales was $332,846 – down by 0.5 per cent compared to the same period in 2012. “With months of inventory high from a historic perspective, it makes sense that the average selling price for condos edged lower over the past two quarters. However, March results were much more positive compared to the first quarter as a whole, with the average condo selling price up by two per cent annually for the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Part of the redevelopment of Toronto’s Waterfront includes the creation and enhancement of Tommy Thompson Park in the Port Lands. The year round recreational area is a welcome addition to the neighbourhood for Toronto Waterfront condo residents. This urban wilderness is located in the Port Lands southern end and now contains a nature viewing platform, a welcome pavilion with washrooms, and walking and biking trail systems.
Toronto residents may be familiar with the former name of this area, known for years as the Leslie Street Spit. Extending five kilometres into Lake Ontario, the Tommy Thompson Park boasts an amazing variety of vegetation including a marsh area, sand dunes, meadows, and a cottonwood forest. There is also a large marina containing some yachts and many sailing boats. Some spots have spectacular views of downtown Toronto.
Toronto Waterfront condo owners can reach the park by driving east along the lakeshore to Leslie Street. Visitors can then enjoy cycling, fishing, and hiking throughout the spit. The Toronto Regional Conservation Authority and Waterfront Toronto both are responsible for the implementing of the Master Plan that created the Tommy Thompson Park and this little slice of heaven.
Buyers Market article courtesy of Toronto Real Estate Board.
Tommy Thompson photo courtesy of Waterfront Toronto.
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