Toronto Real Estate Board

Toronto Real Estate Board

October 16, 2013 11:30 ET

GTA REALTORS® Release Condo Report

TORONTO, ONTARIO--(Marketwired - Oct. 16, 2013) - Greater Toronto Area REALTORS® reported 5,307 condominium apartment transactions through the TorontoMLS system in the third quarter of 2013. This result was up by 18 per cent in comparison to 4,498 condominium apartment sales reported for the third quarter of 2012. In the City of Toronto, which accounted for 72 per cent of condominium apartment transactions, sales were up by 19.5 per cent.

"The Echo Generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership. Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives," said Toronto Real Estate Board President Dianne Usher.

"A growing number of buyers have restarted their search for a condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable," continued Ms. Usher.

The average selling price for condominium apartments in the third quarter of 2013 was $340,069 - up almost two per cent in comparison to the average of $333,846 in the third quarter of 2012.

"We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Condominium Apartment Market Summary
Third Quarter 2013
2013 2012
Sales Average Price Sales Average Price
Total TREB 5,307 $ 340,069 4,498 $ 333,846
Halton Region 136 $ 339,204 89 $ 328,105
Peel Region 750 $ 252,921 710 $ 252,419
City of Toronto 3,816 $ 360,533 3,192 $ 356,677
York Region 469 $ 343,044 386 $ 329,314
Durham Region 125 $ 235,675 112 $ 228,093
Other Areas 11 $ 252,991 9 $ 227,222

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 37,000 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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