Toronto Real Estate Board

Toronto Real Estate Board

October 16, 2012 10:00 ET

GTA REALTORS® Release Condo Market Report

TORONTO, ONTARIO--(Marketwire - Oct. 16, 2012) - Greater Toronto Area REALTORS® reported 4,541 condominium apartment sales through the TorontoMLS system in the third quarter of 2012. This result represented a 20.5 per cent decline in transactions compared to the third quarter of 2011. Over the same period, the number of new listings was up by more than 6.5 per cent to 11,456.

"The condominium apartment market was the best supplied market segment in the third quarter of this year. Strong condominium apartment completions in 2011 and beginning of 2012 resulted in many investor-held units listed for sale. At the same time, sales dropped off relative to last year as some buyers moved to the sidelines as stricter mortgage lending guidelines resulted in increased costs of home ownership," said Toronto Real Estate Board (TREB) President Ann Hannah.

The average selling price for condominium apartments in the third quarter, at $334,204, was flat in comparison to the same period last year.

"With more listings to choose from and fewer sales, condo buyers have not been as aggressive with regard to offers, and sellers have had to price their units competitively. The result was little upward pressure on the average selling price compared to last year. Given the supply of listings currently in the market place, the average rate of price growth for condo apartments should continue to lag price growth for low-rise home types over the next year," said Jason Mercer, TREB's Senior Manager of Market Analysis.

2012 2011
Sales Average Price Sales Average Price
Total TREB 4,541 $ 334,204 5,719 $ 332,969
Halton Region 91 $ 331,699 88 $ 296,067
Peel Region 721 $ 253,239 869 $ 253,615
City of Toronto 3,219 $ 357,030 4,117 $ 355,561
York Region 388 $ 329,527 535 $ 319,573
Durham Region 113 $ 227,181 99 $ 201,887
Other Areas 9 $ 227,222 11 $ 272,455

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 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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