Wednesday, May 9, 2012

Toronto Condo Prices Peaked in September/October 2011

Toronto Condo Median Prices from TREB

Condos in the TREB area are down 1% from the peak (still, but just barely) or $2500
Condos in Toronto City are down 1.5% from the peak or $5100
Condos in Toronto Central are down 4.4% or a loss of $17,000, which is enough to put a 5% down buyer well underwater not including transaction costs.

Currently about 3 months of inventory.

Including transaction costs, all recent buyers with minimum downpayments will need to bring a check to sell.

Condos are more like cars than houses. When the manufacturers are regularly turning out new cars/condos, there is no reason to go to the used car/condo lot to spend more money. Anyone wandering into the used car/condo lot is going to expect a discount.

data from: TREB Market Watch

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