GTA REALTORS® Release New Quarterly Condo Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS Release New Quarterly Condo Market Report
TORONTO, October 24, 2011 – Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.
“Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said Toronto Real Estate Board President Richard Silver.
In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.
“The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers’ market conditions in place,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.
Condominium Apartment
Market Summary
Third Quarter 2011
2011
2010
Sales
Average Price
Sales
Average Price
Total TREB
5,770
$333,352
4,648
$306,134
Halton Region
88
$296,067
62
$255,024
Peel Region
875
$253,246
744
$229,831
City of Toronto
4,156
$356,182
3,298
$329,917
York Region
539
$319,399
445
$287,337
Durham Region
101
$201,503
84
$201,978
Other Areas
11
$272,455
15
$213,703
For information about Buyer Representation Agreements
(BRA) visit www.BRAFirst.ca
For Media/Public Inquiries: Mary Gallagher, Senior
Manager Media Relations.
Toronto
Real Estate Board 1400 Don Mills Road Toronto, ON M3B 3N1, Office: (416)
443-8158, Email:maryg@trebnet.com
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Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2011/nr_condo_report_1011.htm
Tags: Toronto Realtor