GTA REALTORS® Release Q4 Condominium Report
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GTA REALTORS® RELEASE Q4 CONDOMINIUM REPORT
January 22, 2014 — Greater Toronto Area
REALTORS® reported the sale of 4,586 condominium apartments through the TorontoMLS system in the fourth quarter of 2013. This
result was up by 21 per cent in comparison to Q4 2012 when 3,789 condominium
apartments changed hands. Both new
listings of this home type during the quarter and active listings at the end of
the quarter were down on a year-over-year basis.
“This time last year many were
predicting that the condo apartment market would experience a downturn, both in
terms of sales and selling prices. While
there was a temporary lull in sales and price growth in the first half of 2013,
we saw an about face in the second half of the year,
as buyers realized home ownership remained affordable. As the demand for condos rebounded,
competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President
Dianne Usher.
The average selling price for condominium apartments in the fourth
quarter was $353,665 – up 6.5 per cent compared to Q4 2012. In the City of
Toronto, where condo apartments account for approximately half of sales, the
average selling price was up by 8.3 per cent to
$381,008.
“If market conditions in 2014 remain similar to what we experienced
in the last six months of 2013, we will continue to experience year-over-year
average price growth for condominium apartments above the rate of inflation. However,
there was an increase in condo completions last year. The degree to which investors list their
newly completed units for sale and the degree to which these units are absorbed
will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market
Analysis.
Condominium Apartment
Market Summary
Fourth Quarter 2013
2013
2012
Sales
Average Price
Sales
Average Price
Total TREB
4,586
$353,665
3,789
$332,129
Halton
Region
140
$328,846
76
$351,161
Peel Region
654
$259,669
532
$252,143
City of Toronto
3,227
$381,008
2,740
$351,762
York Region
446
$332,440
332
$328,189
Durham Region
111
$236,527
104
$223,973
Other Areas
8
$251,250
5
$305,800
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/news2014/nr_condo_report_Q4-2013.htm
Tags: Toronto Realtor