GTA HOME SALES SOAR WHILE PRICEY CONDOS GO NOWHERE

Aug 02, 2013

By Michael Kramer

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Home sales across the GTA soared 16 per cent in July and reached their highest levels for that month since 2009.

The Toronto Real Estate Board says it was the third-best July on record.

The average selling price also spiked, up 8 per cent to just over $513,000.

Condo apartment sales, and prices, were also up -increasing  10.5 per cent for the GTA over a year earlier.

Average condo prices were up  3.4 per cent to almost $339,000.

Meanwhile — it appears there’s not much demand for condos listed at a million dollars and higher. A published report says the number of one-million dollar-plus condos for sale in Toronto has reached such shocking levels, it would take about 20 months to sell them all.  That’s more than four times what it would take to clear the current inventory of more conventional condos.  Toronto realtor Andrew La Fleur did the math and found there were 145 condos listed on MLS for a million or more during the first half of this year.  He says only 42 of these actually sold – and these units don’t include the ones that have yet to sell in five star hotel projects like the Trump International Hotel and Tower, Ritz Carlton, Shangri La and Four Seasons.

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