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Condo Sales and Prices Up in June

June’s sales figures were just released and wow, what a difference from the last two months! When comparing June 2011 with June 2010, sales are up BIG downtown and prices are up too. Remember that June 2010 was the last month before the HST kicked in, and many buyers and sellers were still scrambling to get in under the wire of July 1, 2010.

My commentary:

  • The market is still a seller’s market. There are those who want to tell you that the market has been softening of late, but anyone who is ‘on the ground’ working the market will tell you it is not. 60% sale: list ratio on the east side (C08) is discouraging if you are a buyer.
  • Inventory is still a problem. Downtown east had a big drop from last year in terms of units available for sale, just like the month of May showed. Why is no one selling in this town?
  • Interesting the the median and average prices in downtown east (C08) and west (C01) are very similar. Is the gap between the east and west narrowing?

With no end in sight to the cheap money (i.e. low interest rates) in this country due to the still anemic U.S. economy and our strong Canadian dollar, I see little chance of a slow down in the market over the next 6 months. Agree? Disagree? I’d love to hear your thoughts. Please contact me or leave a comment.

2 Responses to “Condo Sales and Prices Up in June”

  1. Roland

    Hey Andrew, interesting stats! Thanks! I wonder if there are very few people selling in the Regent Park area in terms of the new condos? It is part of C08. I remember you recently tweeted that the number of days until sale of the condos there was longer than the rest of downtown, are people discouraged from putting them on the market here?

  2. Andrew la Fleur

    There are several for sale currently at One Cole and most of these are taking longer than average to sell (compared to the rest of downtown). There aren’t any yet for sale at One Park West as the building is not completed yet.

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