GTA REALTORS® Release Second Quarter Condo Market Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® Release 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.
Condominium Apartment Market Summary
Second Quarter 2013
2013
2012
Sales
Average
Price
Sales
Average
Price
Total TREB
5,984
$347,896
6,375
$342,148
Halton Region
127
$327,748
118
$332,957
Peel Region
885
$258,350
984
$264,537
City of Toronto
4,281
$372,805
4,486
$364,342
York Region
551
$332,928
620
$340,143
Durham Region
128
$226,378
158
$217,417
Other Areas
12
$262,048
9
$213,411
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/news2013/nr_condo_report_Q2-2013.htm
Tags: Toronto Realtor