{"id":3647693,"date":"2016-08-30T14:30:42","date_gmt":"2016-08-30T18:30:42","guid":{"rendered":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/?p=3647693"},"modified":"2016-08-30T14:30:42","modified_gmt":"2016-08-30T18:30:42","slug":"with-fast-rising-prices-torontos-condo-market-resembles-the-low-rise-segment-treb","status":"publish","type":"post","link":"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/with-fast-rising-prices-torontos-condo-market-resembles-the-low-rise-segment-treb\/","title":{"rendered":"With Fast-Rising Prices, Toronto\u2019s Condo Market Resembles the Low-Rise Segment: TREB"},"content":{"rendered":"<p><a href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/08\/blog.jpg\" rel=\"attachment wp-att-3647694\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-3647694\" src=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/08\/blog.jpg\" alt=\"blog\" width=\"687\" height=\"446\" srcset=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/08\/blog.jpg 687w, https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/wp-content\/uploads\/2016\/08\/blog-300x195.jpg 300w\" sizes=\"(max-width: 687px) 100vw, 687px\" \/><\/a><\/p>\n<p>There are many differences between Toronto\u2019s low-rise and high-rise markets\u2013\u2013not least of all, the backyard that you\u2019ll get with homes in the former\u2013\u2013but Toronto&#8217;s real estate board recently nodded to a way they\u2019ve become more alike.<\/p>\n<p>\u201cSimilar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year,\u201d said Jason Mercer, market analysis director for the Toronto Real Estate Board (TREB), in a recent statement.<\/p>\n<p>Mercer\u2019s remarks came with the release of TREB\u2019s latest Greater Toronto Area (GTA) condo market figures, which showed 8,965 condo sales were recorded through the board\u2019s multiple listing service (MLS) system in 2016\u2019s second quarter, a scorching increase of 17.4 percent compared to activity during that period one year prior.<\/p>\n<p>As Mercer\u2019s comments suggested, the number of new listings plummeted at the same time. Sellers put 13,589 condos on the market from April to the end of June, down 7.9 percent from those three months in 2015. And at the end of June, active listings totaled 5,185, an eye-popping 27.9 percent collapse from a year ago, according to TREB.<\/p>\n<p>Looking at falling listings during a time of increasing activity, it may come as no surprise that condo prices have been appreciating at a faster rate recently. In the second quarter, the average selling price of a condo in the GTA was $415,326, having risen 7.1 percent over what it was in the second quart of 2015.<\/p>\n<p>Yet, condo and house sales in the Toronto market march on, and in a video interview with Bloomberg this week, Benjamin Tal, CIBC\u2019s deputy chief economist, touched on this trend.<\/p>\n<p>\u201cWe are in a twilight zone. We are in a city, like Vancouver and Toronto, [where] prices are elevated and they justify higher rental activity, but we are not renting\u2013\u2013we are still buying,\u201d the economist said.<\/p>\n<p>\u201cWe didn\u2019t develop this rental mentality that we see in New York, London, and other places,\u201d Tal explained to Bloomberg. \u201cThe only reason they (buyers) can do it is because of the fact that interest rates are extremely low.\u201d<\/p>\n<p><em>Image courtesy of Umair Khan<\/em><\/p>\n<p><a href=\"https:\/\/newwebdev.wordpress-developer.us\/hauteresidence\/member\/elise-kalles\/\">View all of Elise Kalles&#8217; listings in Toronto\/Ontario here.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are many differences between Toronto\u2019s low-rise and high-rise markets\u2013\u2013not least of all, the backyard that you\u2019ll get with homes in the former\u2013\u2013but Toronto&#8217;s real estate board recently nodded to a way they\u2019ve become more alike.<\/p>\n","protected":false},"author":67,"featured_media":3647694,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1749,750],"tags":[],"class_list":["post-3647693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hlrn","category-real-estate-talk"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>With Fast-Rising Prices, Toronto\u2019s Condo Market Resembles the Low-Rise Segment: TREB<\/title>\n<meta name=\"description\" content=\"There are many differences between Toronto\u2019s low-rise and high-rise markets\u2013\u2013not least of all, the backyard that you\u2019ll get with homes in the former\u2013\u2013but Toronto&#039;s real estate board recently nodded to a way they\u2019ve become more alike.\" \/>\n<meta name=\"robots\" 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