NEWS RELEASE



GTA REALTORS® RELEASE Q3 CONDOMINIUM REPORT

TORONTO, October 17, 2014 -- Toronto Real Estate Board President Paul Etherington announced a 12.9 per cent year-over-year increase in condominium apartment sales through the TorontoMLS system in the third quarter of 2014.  Sales amounted to 5,954.  New listings of condominium apartments on TorontoMLS were also up compared to the same period last year, by 4.5 per cent. 

“Condominium apartments represent an affordable home ownership option for first-time buyers.  New condominium apartment completions have been at record levels over the past two years.  However, even though many of these newly completed units have been listed on TorontoMLS, we have not experienced a glut in inventory.  There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace,” said Mr. Etherington.  

The average selling price for Q3 condominium apartment sales was $359,352 – up by 5.7 per cent compared to the average of $339,878 in Q3 2013.  The average selling price was highest in the City of Toronto, at $382,210, representing a year-over-year increase of 6.1 per cent. 

“Growth in condominium apartment listings will likely continue over the next year, reflecting the continuation of strong condominium apartment completions.  However, the fact that we are seeing growth in condo sales outstrip growth in listings suggests that market conditions will remain tight enough to prompt continued price growth,” said Jason Mercer, TREB’s Director of Market Analysis

 

Condominium Apartment Market Summary

Third Quarter 2014

 

 

 

 

 

 

2014

2013

Sales

Average Price

Sales

Average Price

Total TREB

5,954

$359,352

5,274

$339,878

Halton Region

192

$327,145

135

$338,223

Peel Region

807

$273,331

743

$253,010

City of Toronto

4,233

$382,210

3,799

$360,137

York Region

591

$348,098

463

$343,197

Durham Region

123

$249,593

123

$235,979

Other Areas

8

$234,061

 

11

$252,991

 

TorontoMLS Sales & Average Price  By Home Type October 1 - 14, 2014

Sales

Average Price

416

905

Total

416

905

Total

Detached

528

1,365

1,893

$946,131

$659,774

$739,646

Yr./Yr. % Change

10.7%

20.2%

17.4%

11.5%

8.8%

9.1%

Semi-Detached

149

233

382

$692,418

$447,110

$542,793

Yr./Yr. % Change

15.5%

19.5%

17.9%

8.3%

8.7%

8.1%

Townhouse

159

388

547

$508,232

$412,017

$439,985

Yr./Yr. % Change

16.1%

-1.8%

2.8%

2.6%

11.8%

9.6%

Condo Apartment

629

239

868

$381,709

$301,250

$359,555

Yr./Yr. % Change

9.0%

2.1%

7.0%

-2.6%

-4.3%

-2.7%