TREB Q3-2013 Condo Report
By Lucas on Oct 18, 2013
In its just-released Third Quarter Condo Report, the Toronto Real Estate Board (TREB) says that Greater Toronto Area realtors reported 5,307 condo transactions in the TorontoMLS system. This is an 18% increase from Q3-2012, which only saw only 4,498 condo transactions.
Out of all the regions, the City of Toronto accounted for the most condo transactions with 3,816 sales (72% of the total). Condo sales in the City of Toronto were up 19.5% compared to Q3-2012 (3,192 sales). The average selling price of a condo in Toronto for Q3 was $360,533.
“The Echo Generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership. Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives,” said TREB President Dianne Usher.
Downtown Toronto offers a true work/live/play environment. The next step for our city, according to Chief Planner Jennifer Keesmaat, is to start developing condo hubs within the city that offer the same atmosphere.
“A growing number of buyers have restarted their search for a condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable,” added Usher.
The overall average selling price for a condo in Q3 was $340,069, about 2% higher than Q3-2012 ($333,864).
“We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Will the GTA see another surge in condo prices earlier than anticipated? We’re looking forward to seeing how the rest of the year plays out.
For the full report, click here.
