GTA REALTORS® Release Condo Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® Release Condo Report
October 16, 2013 — Greater
Toronto Area REALTORS® reported 5,307 condominium apartment transactions
through the TorontoMLS system in the third quarter of
2013. This result was up by 18 per cent
in comparison to 4,498 condominium apartment sales reported for the third
quarter of 2012. In the City of Toronto,
which accounted for 72 per cent of condominium apartment transactions, sales
were up by 19.5 per cent.
“The Echo Generation wants to live close to where they work and
play. It makes sense that they have
turned to condominium apartments as they have moved into home ownership. Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment,
transportation and leisure alternatives,” said Toronto Real Estate Board
President Dianne Usher.
“A growing number of buyers have restarted their search for a
condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that
home ownership remains affordable,” continued Ms. Usher.
The average selling price for condominium apartments in the third
quarter of 2013 was $340,069 – up almost two per cent in comparison to the
average of $333,846 in the third quarter of 2012.
“We experienced a moderate annual rate of increase in the average condo
price. However, while condo sales were
up, listings were down in the third quarter. If this trend continues, it could point to increased competition between
condo buyers and an uptick in the pace of price growth moving forward,” said
Jason Mercer, TREB’s Senior Manager of Market Analysis.
Condominium Apartment Market Summary
Third Quarter 2013
2013
2012
Sales
Average Price
Sales
Average Price
Total TREB
5,307
$340,069
4,498
$333,846
Halton Region
136
$339,204
89
$328,105
Peel Region
750
$252,921
710
$252,419
City of Toronto
3,816
$360,533
3,192
$356,677
York Region
469
$343,044
386
$329,314
Durham Region
125
$235,675
112
$228,093
Other Areas
11
$252,991
9
$227,222
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 37,000 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/news2013/nr_condo_report_Q3-2013.htm
Tags: Toronto Realtor