Market analysis

What’s next for green condos?

No longer is LEED certification or green design an option for condo developers. Tenants – and rising operating costs – are making sustainable excellence a requirement.

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Understanding condo fees from an owner’s perspective

What exactly motivates a buyer to choose one condo over another? The 2012 TD Canada Trust Condo Poll found that while buyers are attracted to the urban lifestyle that condos offer, affordable condo fees that add perceived value is a key factor in buyers’ decision-making. Understanding how buyers and residents perceive condo fees is key for property managers.

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GTA REALTORS Q1 Condo Report

The Greater Toronto REALTORS recently released their first quarter market report, highlighting the 5,027 condominium transactions in the first part of 2012. The first quarter transactions were up by two per cent compared with the first quarter of 2011. The new listings of condos were also up 14 per cent.

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Mid-Month Resale Housing Market Report

According to the Greater Toronto REALTORS mid-month market report, the GTA saw 4,215 transactions through the TorontoMLS system in the first 14 days of March. Compared with the same period in 2011, there was a seven per cent increase in transactions, whereas the number of new listings declined by two per cent to 6,970.

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Record Sales Cap for GTA in 2011

Urbanation recently released its Q4-2011 market overview, outlining the fourth quarter condominium market results for the GTA. Not only was 7,226 sales a record number in 2011, but it was also the highest fourth quarter on record, propelling the Toronto CMA reach a record high of 28,190 new condo sales in 2011. The previous record was set in 2007 with 22,654 sales, posting a 24 per cent increase.

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2011 was the Year of the Condo
 
According to the Building Industry and Land Development Association (BILD), 2011 saw more than 28,000 new condominiums sold in the Greater Toronto Area. The abundance of units sold set a new record for the market high-rise sector.

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Exploring condos of the future
 
Condo developers have long struggled with the problem of how to make the floor plans of condos that have yet to be built come to life for prospective buyers. While plans and marketing packages can show these clients the layout and square footage of their potential home, it is hard for them to actually envision living there when the current reality of the site is an empty lot or a hole in the ground.

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How to manage a condominium marketed to first time homebuyers
 
First time homebuyers are attracted to condominiums where other first time buyers live. A developer will market their condominium to this age group based on the location and will provide units sized to be affordable for the first time buyer with the amenities included that are important to younger residents.

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The condominium market is evolving
 
As condominiums have evolved over the past several decades so too has the profile of a typical condo buyer. In fact if anything it is becoming increasingly more difficult to identify who an average condo buyer is likely to be. Various and varied demographics now find condos an attractive alternative to single family home ownership.

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Ontario condo market holds well through volatile times
 
In the fall of 2008, as the global financial crisis reached its peak, many worried about the state of the Canadian housing market. After all, Canada had experienced one of its strongest housing booms in history. Meanwhile, many housing markets around the globe (in the United Kingdom, United States, Ireland, and Spain to name a few) were in shambles. Historically, Canada has not been immune to housing busts. It was therefore legitimate to ask: would it suffer this time around?

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Attracting the baby boomer generation

Condominium life appeals to a variety of demographics for a variety of reasons. For some first time home buyers in their twenties or thirties, especially in larger cities, condominiums are the perfect fit for a home ownership experience of convenience and low maintenance demands. Condominium home ownership for the baby boomer generation (ages 45-64) is appealing for various reasons as well, and at a rapidly increasing pace, statistically speaking.

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Owner involvement brings return on investment
 
Until a few years ago, most consumers had little understanding of how condos operated. Many were confused by condo fees and reserve funds and dismissed them as added expenses without truly understanding their purpose or benefit. Condo purchasers entered into sales agreements without knowing how their monthly contributions were calculated or how they affected the operation and future value of their investment.

Online marketing opens floodgates
 
The internet has changed how the real estate market operates and it continues to evolve on a daily basis. There has never been the reach there is now to attract prospective tenants and purchasers, with listing sites like craigslist and viewit.ca. Add in the other methods of attracting prospects, like newspaper advertising and dedicated real estate magazines; the floodgates have opened.

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Human interaction helps seal the deal prompt response keeps buyers' attention
 
Differentiation in marketing today requires some innovative thinking. Developers are competing for the attention of comparison shoppers who rely on Web searches and other media to scope out the market. When not surfing the Web, these same buyers could be checking out billboards on their commute to and from work - a behaviour that is reflected in the fact that phone-in inquiries on properties tend to peak shortly after rush hour.