News   Jul 25, 2024
Rental Resubmission in Corktown Bumps Height From 35 to 45 Storeys
 489     0 
News   Jul 25, 2024
Work Progressing on Mattamy's Westbend Residences near High Park
 583     0 
News   Jul 25, 2024
News Roundup for July 25, 2024
 467     0 

Record breaking condo sales in Q2 2007

M

Mike in TO

Senior Member
Member Bio
Joined
Apr 23, 2007
Messages
2,230
Reaction score
266
Location
Downtown Toronto
All sorts of records for condo sales were broken last quarter:
  • New Sales (6,997) - previous record was 5,809 set in Q2-2005 and 5,013 in Q3 1986
  • Resales (4,615) - previous record was 3,770 Q2-2005
  • New Project Openings (36)
  • New Condo Units

Other interesting stats:
  • ratio of sales to unsold units at 61.9% - highest level in almost 20 years
  • average resale price increased from $261,000 in Q2-2006 to $276,000 in Q2-2007
  • GTA is on pace to break 2005's record setting 16,224 units sold - more then 10,000 units have sold in the first half of 2007.
  • 29 new projects expected to open in Q3-2007, adding 7,623 new units to the market.
 
# 29 new projects expected to open in Q3-2007, adding 7,623 new units to the market.
Click to expand...


Woh they should chill down a bit...
 
Hold on, I have to first check and see if the sky is falling...
 
In typical Canadian fashion allow me to interject with a tone of muted caution:

The condo boom has peaked- it's all (sales, days on market, prices) DOWNHILL from here.
 
August was a record setting month with over 8000 sales AND resales in the GTA.
 
vultur said:
The condo boom has peaked - it's all DOWNHILL from here.
Click to expand...

Would it be fair to say that once all of the current projects being discussed are completed in downtown Toronto proper, that Toronto is essentially "built"? (Except for the odd parking lot here and there.)

And would this not translate into higher prices for resale units if there's no where to build any more?
 
I don't think Toronto is anywhere near "built". There are so many more lots, even right downtown, not to mention tons more further afield (but still fairly central).
 
Yeah....no shortage of availale build sites, even in areas seeing very intense redev. Check out the number of carparks that are still w/o the portentous white rezoning sign around, say, King/John/Mercer or on the near east side. Lots of space yet.
 
Downtown has been "built" since the 1800s - it was even more built in the past than it is now - but that doesn't stop us from demolishing a good chunk of what's built every 30 or so years.
 
The example I think of is a local one. St. Clair West from Jane to the Stockyards area has so much land for intensification. The Fastfrate site was divided in half, with a WalMart built on half of it, while the rest stands empty. The rest is basically garages, gas stations, used car lots, a Kia and Toyota dealership and the occasional house and a housing co-op. There's also that slaughterhouse that burned down, which was never demolished and now is used for storing random trailers. It's amazing that one of Toronto's busier avenues looks like that.
 
If one consults a satellite image, one can see how much vacant land we have just in the eastern port lands. We could build another downtown or two down there.

Also, in the future, we can create more "central" land by adding transportation infrastructure. New subway lines, for instance, should make previously lower density areas prime for high density re-development. See Sheppard for an example.

When considering what "built" might mean, note that Tokyo's 23 central wards, whose combined area is similar to that of the City of Toronto, contain 8.5 million people vs Toronto's 2.5 mil. And many (perhaps most) of inner Tokyo's neighbourhoods are lowrise, single-family homes, albeit on compact lots.
 
Was just gonna mention that stretch Junctionist--I walked the st clair strip yesterday (from jane to bathurst): what an ugly depressing area! Yet it epitomizes Toronto--abandon the old build new ever uglier buildings. Sad.

I did notice (an old?) a development application around the RR tracks for a 10, 12 and 18 story condo--but seriously, who would wanna live in that ghetto area? What a missed opportunity building that subdivison along St Clair. In fact all of St Clair (hadn't been on the street in years) is a dump. A few months ago the Globe was proclaiming St Clair to be a cool nabe--couldn't see much sign of that!

St Clair alone, with 18 Yorkville Villas-style buildings could probably house another 200,000 people. That's a huge myth developers, planners and politicans are shouting about today: Toronto is running out of room to grow and blah blah blah. Toronto has enough room for 30 million more people!
 
You must log in or register to post here.

Back
Top