GTA REALTORS® Release Condo Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® RELEASE CONDO MARKET REPORT
TORONTO, October 16, 2012 – Greater Toronto Area REALTORS® reported 4,541 condominium apartment sales through the TorontoMLS system in the third quarter of 2012. This result represented a 20.5 per cent
decline in transactions compared to the third quarter of 2011. Over the same period, the number of new
listings was up by more than 6.5 per cent to 11,456.
“The condominium apartment market was the best supplied
market segment in the third quarter of this year. Strong condominium apartment completions
in 2011 and the first half of 2012 resulted in many investor-held units listed
for sale. At the same time, sales
dropped off relative to last year as some buyers moved to the sidelines as
stricter mortgage lending guidelines resulted in increased costs of home
ownership,”
said Toronto Real Estate Board (TREB) President Ann Hannah.
The average selling price for condominium apartments in the
third quarter, at $334,204, was flat in comparison to the same period last
year.
“With more listings to choose from and fewer sales,
condo buyers have not been as aggressive with regard to offers, and sellers
have had to price their units competitively. The
result was little upward pressure on the average selling price compared to
last year. Given the supply of
listings currently in the market place, the average rate of price growth
for condo apartments should continue to lag price growth for low-rise home
types over the next year,” said Jason Mercer, TREB’s Senior Manager
of Market Analysis.
2012
2011
Sales
Average Price
Sales
Average Price
Total
TREB
4,541
$334,204
5,719
$332,969
Halton Region
91
$331,699
88
$296,067
Peel
Region
721
$253,239
869
$253,615
City
of Toronto
3,219
$357,030
4,117
$355,561
York
Region
388
$329,527
535
$319,573
Durham
Region
113
$227,181
99
$201,887
Other
Areas
9
$227,222
11
$272,455
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
Greater Toronto REALTORS are passionate about their work.
They adhere to a strict Code of Ethics and share a state-of-the-art Multiple
Listing Service. Serving over 31,000 Members in the Greater Toronto Area,
the Toronto Real Estate Board is Canadas largest real estate board. Greater
Toronto Area open house listings are available on www.TorontoRealEstateBoard.com
Article source: http://www.torontorealestateboard.com/market_news/release_market_updates/news2012/nr_condo_report_Q3-2012.htm
Tags: Toronto Realtor