The condo market is a topic that is much talked about when discussing Toronto real estate. According to a report released recently by TREB, this portion of the real estate market is performing quite well in 2014. TREB’s report shows a year-over-year increase in condo sales through MLS in the third quarter of 2014; and the number of new listings and average selling price both up as well. Check out the report below, if you’d like more information please feel free to contact me directly.
TREB: Third Quarter Condo Market Report
TORONTO, October 17, 2014 — Toronto Real Estate Board President Paul Etherington announced a 12.9 per cent year-over-year increase in condominium apartment sales through the TorontoMLS system in the third quarter of 2014. Sales amounted to 5,954. New listings of condominium apartments on TorontoMLS were also up compared to the same period last year, by 4.5 per cent.
“Condominium apartments represent an affordable home ownership option for first-time buyers. New condominium apartment completions have been at record levels over the past two years. However, even though many of these newly completed units have been listed on TorontoMLS, we have not experienced a glut in inventory. There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace,” said Mr. Etherington.
The average selling price for Q3 condominium apartment sales was $359,352 – up by 5.7 per cent compared to the average of $339,878 in Q3 2013. The average selling price was highest in the City of Toronto, at $382,210, representing a year-over-year increase of 6.1 per cent.
“Growth in condominium apartment listings will likely continue over the next year, reflecting the continuation of strong condominium apartment completions. However, the fact that we are seeing growth in condo sales outstrip growth in listings suggests that market conditions will remain tight enough to prompt continued price growth,” said Jason Mercer, TREB’s Director of Market Analysis
| Condominium Apartment Market Summary | |||||
| Third Quarter 2014 | |||||
| 2014 | 2013 | ||||
| Sales | Average Price | Sales | Average Price | ||
| Total TREB | 5,954 | $359,352 | 5,274 | $339,878 | |
| Halton Region | 192 | $327,145 | 135 | $338,223 | |
| Peel Region | 807 | $273,331 | 743 | $253,010 | |
| City of Toronto | 4,233 | $382,210 | 3,799 | $360,137 | |
| York Region | 591 | $348,098 | 463 | $343,197 | |
| Durham Region | 123 | $249,593 | 123 | $235,979 | |
| Other Areas | 8 | $234,061 | 11 | $252,991 | |
| TorontoMLS Sales & Average Price By Home Type October 1 – 14, 2014 | ||||||
| Sales | Average Price | |||||
| 416 | 905 | Total | 416 | 905 | Total | |
| Detached | 528 | 1,365 | 1,893 | $946,131 | $659,774 | $739,646 |
| Yr./Yr. % Change | 10.7% | 20.2% | 17.4% | 11.5% | 8.8% | 9.1% |
| Semi-Detached | 149 | 233 | 382 | $692,418 | $447,110 | $542,793 |
| Yr./Yr. % Change | 15.5% | 19.5% | 17.9% | 8.3% | 8.7% | 8.1% |
| Townhouse | 159 | 388 | 547 | $508,232 | $412,017 | $439,985 |
| Yr./Yr. % Change | 16.1% | -1.8% | 2.8% | 2.6% | 11.8% | 9.6% |
| Condo Apartment | 629 | 239 | 868 | $381,709 | $301,250 | $359,555 |
| Yr./Yr. % Change | 9.0% | 2.1% | 7.0% | -2.6% | -4.3% | -2.7% |
TREB Q3 Condo Report