GTA REALTORS® Report Q1 Condominium Market Statistics
Posted by: Toronto Real Estate Admin / Category: Toronto Realtor
GREATER TORONTO REALTORS REPORT Q1 CONDOMINIUM MARKET STATISTICS
April 15, 2014 — Toronto Real Estate Board President
Dianne Usher announced that “home buyers remained
confident in purchasing condominium apartments during the first three months of
2014. This included first-time
buyers and seasoned home owners looking to change
their housing situation. Despite
the condo market segment being well-supplied, strong sales growth translated
into a robust increase in the average selling price.”
Greater Toronto Area REALTORS® reported 4,454 condominium
apartments sold through the TorontoMLS system in Q1
2014 – up nine per cent compared to 4,085 sales reported in Q1 2013. The average selling price for Q1 2014
transactions was up by 5.6 per cent year-over-year to $351,213.
The City of Toronto accounted for 70 per cent of all condo
apartment transactions, with 3,121 sales reported. The average selling price in the City
was $376,226.
The supply of condo apartments listed for sale also edged up in
the first three months of 2014. New
listings reported during the quarter were up by 3.1 per cent
year-over-year. Active listings at
the end of the quarter were up by 1.8 per cent.
“The number of new condominium apartment completions was up
substantially in 2014. Because of
this, we could see stronger growth in listings in the second half of 2014 as
some investors choose to list their units for sale. If this occurs, buyers would benefit
from more choice in the marketplace and thus could have more negotiating power
with regard to price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Condominium
Apartment Market Summary
First
Quarter 2014
2014
2013
Sales
Average Price
Sales
Average Price
Total
TREB
4,454
$351,213
4,085
$332,431
Halton Region
120
$304,493
72
$303,757
Peel
Region
653
$262,128
634
$259,318
City
of Toronto
3,121
$376,226
2,900
$354,977
York
Region
437
$353,660
370
$319,131
Durham
Region
114
$224,590
102
$223,458
Other
Areas
9
$248,727
7
$199,571
Source:
Toronto Real Estate Board
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_Q1-2014.htm
Tags: Toronto Realtor