TREB: Second Quarter Condo & Mid-Month Resale Housing Reports

The Toronto Real Estate Board (TREB) released a few reports today including the July 2013 mid-month resale housing report and the second quarter condo market report.

The July 2013 Mid-Month Resale Housing Report news release is below and shows another month of new listings down and sales value up.  Especially in the semi-detached and detached markets.  Check out the report below.

TREB: July 2013 Mid-month Resale Housing Report

 July 16, 2013 — Greater Toronto Area REALTORS® reported 3,603 residential sales through the TorontoMLS system during the first 14 days of July.  This result represented a moderate increase of 2.2 per cent compared to the same period in 2012.  Over the same time frame, the number of new listings entered into TorontoMLS was down by two per cent.

 “The second half of 2013 began with tighter market conditions in the GTA housing market.  With sales up and new listings down, it makes sense that the annual rate of price growth accelerated.  This was especially the case for single-detached and semi-detached homes in the City of Toronto, which remained in very short supply,” said TREB President Dianne Usher.

 The average selling price for the first 14 days of July was $510,819 – up by 8.1 per cent compared to $472,632 in the first half of July 2012.  The strongest year-over-year increases were experienced in the single-detached and semi-detached market segments in the City of Toronto with growth rates of 10.7 and 14.1 per cent respectively.  The condominium apartment segment continued to experience moderate average price growth.

 “Expect a faster pace of average price growth in the second half of 2013 compared to the first six months of the year.  The strong demand and shortage of listings for low-rise home types in some neighbourhoods will continue to be the driver of price growth.  An improvement in conditions in the condominium apartment market will also have a positive impact,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

TREB also released their 2013 second quarter condo market report.  The numbers for the time period show that the number of listings is up and sales are down. However, what is important to note is that the average selling price has actually gone up.  Check out the news release below or click here for the full report.

TREB: Second Quarter Condo Market Report

July 16, 2013 — Greater Toronto Area REALTORS® reported 5,984 condominium apartment transactions through the TorontoMLS system in the second quarter of 2013.  This result was down by approximately six per cent in comparison to the second quarter of 2012.  The number of active listings at the end of the second quarter was up year-over-year by less than 2.5 per cent, while new listings were down by slightly more than four per cent.

“The GTA condominium apartment market has been the subject of much discussion recently, due in large part to the number of new units completed over the past two years and the number of units that remain under construction.  With this in mind, it is important to point out that the condo market has fared quite well.  Even with sales down and the number of active listings up, the average selling price has found support at current levels,” said Toronto Real Estate Board (TREB) President Dianne Usher.

The average selling price for condominium apartments in the second quarter was $347,896 – up by 1.7 per cent compared to the average of $342,148 in the second quarter of 2012.  The MLS® Home Price Index (HPI) apartment benchmark price was also up by approximately one per cent over the same period.

“While active listings were up year-over-year in the second quarter, it is interesting to note that new listings were down over the same period.  If the number of new listings continues to drop in the second half of 2013 and the sales situation improves, we could see the pace of condo price growth accelerate as market conditions tighten,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.