Comments on: Sales Down. Prices Down. Inventory Up & Down?

By: January Stats are Available | AndrewLaFleur.com - Toronto Condos

January Stats are Available | AndrewLaFleur.com - Toronto Condos — Fri, 06 Feb 2009 15:05:57 +0000

[...] you are waiting check out my analysis of the stats for December, November, and October. addthis_url = ‘http%3A%2F%2Fandrewlafleur.com%2Fcondo-stats-january-2009′; [...]

By: Gary Young

Gary Young — Fri, 06 Feb 2009 13:01:13 +0000

Love the website.
Do you have average condo sale prices going back to at least 1996? As well, do you have a chart on the related price per sqft going back to at least 1996?
Thanks.

By: New Condo Market Sales Statistics December 2008 | AndrewLaFleur.com - Toronto Condos

Tue, 27 Jan 2009 17:03:08 +0000

[...] off significantly. [Note: these numbers are for new condos. For resale condos, see my previous posts for more stats on the downtown condo market.]In 2007, over 23,210 new condos were sold in Toronto [...]

By: Andrew la Fleur

Andrew la Fleur — Mon, 26 Jan 2009 02:39:55 +0000

Hi Please Advise,

I’m not sure I follow what you are saying completely but thanks for the comment.

As I’ve been saying in this blog, prices have not really changed very much for downtown condos. Comparing inventory today to inventory in 2004 is not really a worthwhile exercise in trying to figure out where prices are going.

What is a healthy price for builders and for buyers? The simple answer is whatever price the market will bear.

By: please advise

please advise — Mon, 26 Jan 2009 01:29:15 +0000

The price on somewhere in downtown is $350/sqft or so. A week ago is about 400$ or so. It was only $280 or so in 2004. I wonder if the price will return to that level because the recent inventory is much larger than that of 2004. Furthermore, the financial crisis is much more severe than any in the past 100 years. I read a famous economist in a big bank. He said in his article that the financial cisis is realty crisis in fact and it takes some time to be seen. Some use the word ” realty slaughter will happen “. A lot of people will loose money like in stock market. Is this happening? What is the healthy price for builder and buyers?

By: believe me

believe me — Sun, 25 Jan 2009 20:18:59 +0000

The price is down very fast if you coompare the prices of recent listings and the ones one month ago of a quite new building on Carlton st.

By: Daniel

Daniel — Mon, 19 Jan 2009 01:47:12 +0000

Nice analysis…I took the listing of my condo off the market last month after it was active for 3 months without any offer. I though to list it again in the spring, but after reading this article I realized that I will probably won’t be able to sell. So I guess I’ll have to stay in my condo for another year as I’m not willing to negotiate about the price.

By: Andrew la Fleur

Andrew la Fleur — Thu, 15 Jan 2009 05:08:24 +0000

Mike R,

Cdn dollar going to 35 cents US? Can’t say that I have heard anyone predicting that.

The key indicator for me will be employment rates in the GTA. So far employment is holding up well. People still have their jobs, they still have money in the bank, they just aren’t spending it.

I don’t think there is a magic number as far as the inventory goes, I just think it will be important to watch how it grows over the next few months or if it stabilizes.

By: Mike R

Mike R — Thu, 15 Jan 2009 04:09:47 +0000

Andrew:

At what inventory levels do you see the market breaking down? What if the CDN $ plummets to levels of 35-40 US cents rather than the 70-75 cents predicted? Toronto prices may then start a reversal and may firm upwards? It also depends on the Unemployment rate– which could turn bad– plus the fact that the entire 250-300k new immigrants dilute the labor rate in Toronto. Let us see….

By: Brad J.

Brad J. — Wed, 14 Jan 2009 13:15:59 +0000

Good analysis Andrew–last fall was artifically inflated due to the land transfer tax deadline in Jan/08. I think comparing YOY 08 to 09 will give us a more balanced view.