August new condo sales tank in Toronto

Toronto new condo sales post worst August showing in a decade

The number of new condos that sold in the Greater Toronto Area during the month of August dropped to 633, the lowest level for that month in a decade, according to RealNet Canada Inc.

The figure is 18-per-cent lower than the 772 sales that occurred in August of 2012. There were 1,923 sales in August of 2011.

The total number of new homes, both low-rise and high-rise, that have sold in the Toronto area so far this year stands at 16,775, the lowest year-to-date total of the last 10 years, RealNet said Monday.

There were 777 sales of new low-rise houses during August. While that is up 32 per cent from 588 one year earlier, it is 43 per cent below the 10-year average for the month.

The price gap between new high-rise and low-rise homes has widened to a record level of $222,149. RealNet’s low-rise price index rose 8.1 per cent over the past year to a record high of $658,938, while the high-rise price index eked out a mere 0.1 per cent gain to $436,789.

The gap between the price of new high-rise and low-rise homes averaged about $75,000 between 2004 and 2011, but has been growing at a fast clip during the last two years.

The unsold inventory of new low-rise homes now stands at 7,247, RealNet said, while there are 21,028 new unsold high-rise homes.

Read More @ http://www.theglobeandmail.com/

Meanwhile, detached home in Toronto’s Greektown sold like gold.

DANFORTH VILLAGE – 44 Linnsmore Crescent

This is a 4 bedroom, 3 bathroom house on a 35.15 x 189.98 foot lot in Danforth Village.

It was listed at $969,000.

It sold for $1,142,000.

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