Number of Condo Sales spike 20.7% in December!

Hello and Happy New Year, fans! So much for a relaxing Holiday this year. The entire Spring team had something on the go and our final transaction of the year firmed up on Dec 31st! Paperwork submitted and closed just in time for a happy new tenant!

Now let’s get to business. These gains should not be a surprise to anyone since we’ve been seeing double digit increases with all home types except condos year over year for the past few months. With the new higher benchmarks set in the previous month it’s only normal to have this seemingly giant yr/yr increase in December 2013 when compared to 2012. We’re going to keep a look at the long road on this one and not get too excited about the double digit gains right now. The reality is, housing inventory is very low in most neighbourhoods and Buyers are out there with full pockets waiting to make offers on quality product. If you are even remotely thinking of selling your home, get in touch so we can give you a proper assessment of your value.

Toronto Condos

Numbers we haven’t looked at in previous updates are the number of sales relative to last year. For the first time we noticed a giant jump in the number of condo sales up a whopping 20.7% over this time last year! December is typically a slow month but looks like many people decided to put condos and lofts under the Christmas tree for their loved ones in 2013!

Townhouses

The number of Townhouse sales also spiked 13.2% over this time last year. We suspect people are turning to Townhouses after coming to the realization that they can’t afford the preferred semi detached option. Toronto Townhouses typically cost $200K less than a semi detached home and gives you some of the freedom of living in a freehold house, so a viable option. Keep in mind not all Townhouses are built alike, if you’re looking for a Toronto Townhouse, get in touch so we can steer you in the right direction.

Semi-Detached

Semi sales were up a less impressive 8.8% in December proving once again that December 2013 was an unusally busy month with many buyers on the go. Not much more to report here other than the fact that we need more on the market to satisfy Buyer demand.

Detached

The only property type that was down in number of sales by 6.7% but shows the largest gains in price when compared to last year. This Toronto detached home is in high demand and there is very little quality inventory to keep up. Detached homes under a million dollars are in the MOST demand right now

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