2010 Condo Sales up 43%

Condominium resales have enjoyed a strong resurgence during the first half of 2010 with unit sales reported through the MLS® system of the Georgian Triangle Real Estate Board (GTREB) up 43% to the end of June.  Dollar revenue is up even higher totaling $37.4 million for the first six months of 2010, an increase of 64% from the prior year. 
As noted on the accompanying graph, resale condo sales on an annualized basis have not historically posted consistent gains from year to year.  In general,  resale condominium unit sales have consistently totaled in the low 300 range annually with the exception of 2008 which was abnormally weaker.  These sales do not include the sale of new condo units in developments such as the Village at Blue, Cranberry, Lora Bay and others.
Through the first six months of this year, 101 resale condominium units have been sold in Collingwood compared to 75 in 2009, an increase of 35%.  Condo sales in the Blue Mountains total 51 units up from 35 last year, an increase of 46%.  Condo sales in other municipalities most notably in Wasaga Beach and Meaford make up the difference have have increased from 3 units sold in the first six months of 2009 to 13 units so far this year.
Condominium properties have always been popular with recreational buyers looking for an economical entry into our market either for ski season use or for use as a year round weekend retreat.  Increasingly we are seeing first-time home buyers looking at the condominium alternative to a single family home simply because they are more affordable.  As an example, a small war-time home 600 square feet in size recently sold for $121,000 and required a lot of work.  Conversely, $100,000 to $110,000 will buy you a similarly sized condo or for $120,000 to $130,000 you can buy a condominium with close to twice that square footage.  No doubt it is these first-time buyers that is helping to increase the area's condominium sales year-to-date and this trend will no doubt continue.  Even with a monthly condo fee, condo ownership can make sense for those on a strict budget without a lot of extra income to put towards maintenance and or renovation expenses. 
For additional information pertaining to the local condominium market please see the Summer 2010 issue of my Condo Communique´ condominium newsletter or to discuss your particular condominium buying and selling needs please do not hesitate to Contact Me.