Toronto Real Estate Board

Toronto Real Estate Board

October 17, 2014 13:00 ET

Greater Toronto Realtors® Release Q3 Condominium Report

TORONTO, ONTARIO--(Marketwired - Oct. 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
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 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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