GTA REALTORS® Release Q1 Condominium Market Report

Toronto, Ontario, CANADA


TORONTO, April 25, 2017 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a double-digit annual increase in condominium apartment sales in the first quarter of 2017.  A total of 7,251 condominium apartments changed hands through TREB’s MLS® System during the first three months of 2017 – up 21.7 per cent compared to the same period in 2016.

Over the same period of time, the number of new condominium apartment listings entered into the MLS® System was down by 18.8 per cent to 9,036 compared to 11,123 new listings a year earlier.

“Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively lower price point compared to ground-oriented housing options.  Given that more than half of intending home buyers are expected to be first-time buyers in 2017, according to a recent Ipsos poll conducted for TREB, it makes sense that demand for this housing type has remained strong,” said Mr. Cerqua.

The average selling price for condominium apartments in the first quarter of 2017 was $489,551 – up 24.3 per cent compared to an average of $393,858 for the first quarter of 2016.  The average price was highest in the City of Toronto, at $521,842, representing a year-over-year increase of 24.3 per cent.

“Market conditions became much tighter in the condominium apartment segment over the past year, with sales accounting for a greater share of listings.  As competition between buyers increased further, the pace of price growth accelerated,” said Jason Mercer, TREB’s Director of Market Analysis.

Condominium Apartment Market Summary 
First Quarter 2017    
      
 2017 2016
 SalesAverage Price SalesAverage Price
Total TREB7,251$489,551 5,959$393,858
Halton Region246$457,369 177$359,147
Peel Region978$370,036 857$290,023
City of Toronto5,075$521,842 4,121$423,513
York Region816$466,645 673$375,840
Durham Region120$353,086 118$281,506
Other Areas16$238,931 13$263,731
Source: Toronto Real Estate Board    


Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service®. Over 48,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area.  TREB  is Canada’s largest real estate board.


        

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