Toronto Real Estate Board

Toronto Real Estate Board

October 24, 2016 11:13 ET

GTA REALTORS® Release Q3 Condominium Report

TORONTO, ONTARIO--(Marketwired - Oct. 24, 2016) - Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported through TREB's MLS® System in the third quarter of 2016 were up by 22.1 per cent on a year-over-year basis to 8,014. Over the same period, new listings for condominium apartments were down by 13.3 per cent.

"While the low-rise market has been top-of-mind in the supply discussion, it is very important to note that supply pressures have also been experienced in the condominium apartment market segment over the past year. The completion of new units was down substantially during the first three quarters of 2016 compared to the same period in 2015. This arguably played a role in the decline in new condominium apartment listings on TREB's MLS® System," said Mr. Cerqua.

The average price of a condominium apartment in the Q3 2016 was $415,643 - up 9.6 per cent compared to Q3 2015. The MLS® Home Price Index (HPI) apartment benchmark price was up by a similar amount on an annual basis throughout the third quarter.

"The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong. With this said, however, annual rates of price growth remain well-below those for low-rise home types. Condo apartments continue to be an affordable entry point into home ownership for first- time buyers," said Jason Mercer, TREB's Director of Market Analysis.

Condominium Apartment Market Summary
Third Quarter 2016
2016 2015
Sales Average Price Sales Average Price
Total TREB 8,014 $415,643 6,564 $379,322
Halton Region 247 $437,482 210 $378,881
Peel Region 1,127 $316,199 926 $275,987
City of Toronto 5,619 $440,096 4,632 $406,094
York Region 882 $396,964 655 $361,334
Durham Region 123 $323,148 131 $266,111
Other Areas 16 $236,216 10 $217,500

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 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

www.TREBhome.com

Contact Information

  • Toronto Real Estate Board
    Media Inquiries:
    Mary Gallagher
    Senior Manager Public Affairs
    (416) 443-8158
    maryg@trebnet.com