Toronto Real Estate Board

Toronto Real Estate Board

April 16, 2013 09:30 ET

GTA REALTORS® Release Condo Market Report

TORONTO, ONTARIO--(Marketwired - April 16, 2013) - Greater Toronto Area REALTORS® reported 4,133 condominium apartment sales through the TorontoMLS system during the first quarter of 2013. This result was down by approximately 17 per cent in comparison to the first quarter of 2012.

New listings of condominium apartments were also down on a year-over-basis in the first quarter, but by a lesser annual rate of five per cent.

"Buyers benefitted from a substantial amount of choice in the condo market in the first quarter, especially in comparison to low-rise home types. This being said, the fact that new condo listings were down in the first quarter suggests that the market may become tighter moving forward. This will also depend on the timing and scale of future condo apartment completions," said Toronto Real Estate Board President Ann Hannah.

The average price for first quarter condominium apartment sales was $332,846 - down by 0.5 per cent compared to the same period in 2012.

"With months of inventory high from a historic perspective, it makes sense that the average selling price for condos edged lower over the past two quarters. However, March results were much more positive compared to the first quarter as a whole, with the average condo selling price up by two per cent annually for the GTA," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Condominium Apartment Market Summary
First Quarter
2013
2013 2012
Sales Average Price Sales Average Price
Total TREB 4,133 $ 332,846 4,973 $ 334,669
Halton Region 75 $ 304,205 80 $ 297,191
Peel Region 647 $ 259,656 757 $ 246,855
City of Toronto 2,924 $ 355,776 3,513 $ 360,343
York Region 375 $ 319,785 502 $ 323,413
Durham Region 104 $ 221,901 105 $ 209,102
Other Areas 8 $ 194,250 16 $ 217,000

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 36,000 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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