GTA REALTORS Q1 Condo Report

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GTA REALTORS Q1 Condo Report

Postby AffableManagement » Sun May 06, 2012 8:34 pm

GTA REALTORS Q1 Condo Report
April 25, 2012

The Greater Toronto REALTORS recently released their first quarter market report, highlighting the 5,027 condominium transactions in the first part of 2012. The first quarter transactions were up by two per cent compared with the first quarter of 2011. The new listings of condos were also up 14 per cent.

Toronto Real Estate Board President, Richard Silver, says of the increase, “With sales increasing moderately year-over-year and listings growing strongly, the condo apartment market became better supplied in the first quarter. With more choice for buyers in the condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes.”

In the first quarter of 2012, the average selling price for condominium apartments was $33,952, which is up 3.7 per cent from $322,857 in the first quarter of 2011.

“Condominium apartment completions were at the highest level ever in 2011. As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is testament to the fact that demand remains strong for this home type,” noted TREB Senior Manager of Market Analysis, Jason Mercer.

Condominium Apartment Market Summary
First Quarter 2012

Sales Average Price Sales Average Price
Total TREB 5,027 $334,952 4,932 $322,857
Halton Region 82 $295,979 53 $276,566
Peel Region 768 $246,688 734 $231,010
City of Toronto 3,546 $360,892 3,539 $348,779
York Region 507 $324,182 506 $303,506
Durham Region 108 $208,544 92 $202,384
Other Areas 16 $217,000 8 $198,800
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