The Toronto real estate condo market has always been an exciting and dynamic sector, with its ups and downs over the years. In 2013, the market was particularly strong, with a high demand for condos, especially in the downtown area.
Let's take a closer look at some of the statistics from the Toronto real estate condo market in 2013.
In 2013, there were a total of 20,825 condo sales in the Greater Toronto Area (GTA), an increase of 21% from the previous year. This was a significant increase and demonstrated the high demand for condos in the market.
The average price of a condo in Toronto was $364,597 in 2013, a 4% increase from the previous year. This increase in price was a result of the high demand for condos in the downtown area, where prices tend to be higher due to their location.
The number of available condos for sale in the GTA in 2013 was 18,115, a decrease of 11% from the previous year. This reduction in inventory further fueled the high demand for condos in the market, as there were fewer options available for buyers to choose from.
New Condo Construction
There were 20,809 new condo units under construction in Toronto at the end of 2013, a 17% increase from the previous year. This increase in new construction was an attempt to keep up with the high demand for condos in the market.
Condo Rental Market
The rental market for condos in Toronto was also strong in 2013, with the average rent for a one-bedroom condo in downtown Toronto being $1,678 per month, and the average rent for a two-bedroom condo being $2,284 per month. This strong rental market further demonstrated the high demand for condos in the downtown area.
This makes you think about the current state of the market. As a potential buyer or investor, in the short term you may be looking at the market as a scary environment, however the growth rate for the past 10 years should be noted. The numbers from 2013 are unheard of now and will most likely never be there again.