Prices and Sales Up for Q1-2014 GTA Resale Condo Market
By Lucas on Apr 16, 2014
The Toronto Real Estate Board (TREB) just released its Q1-2014 resale condo market statistics for the Greater Toronto Area (GTA). To no surprise, sales and the average selling price of condo units increased compared to Q1-2013.
GTA REALTORS reported 4,454 condo unit transactions through the TorontoMLS system in Q1, which is a 9% increase compared to the 4,085 transactions during the same time last year. The average selling price for a resale condo during Q1 was $351,213 - 5.6% higher than Q1-2013.
“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,” says Dianne Usher, TREB President.
A whopping 70% of Q1’s condo unit transactions occurred in the City of Toronto, accounting for 3,121 sales. The average selling price in the City of Toronto was $376,226, which makes it Q1’s most expensive region in which to purchase a resale condo unit.
Another thing to note is that the number of condo listings was up 3.1% compared to last year, and the number of active listings at the end of the quarter was up 1.8%.
“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.
The chart below outlines how other GTA regions’ resale condo markets performed:
