Toronto Real Estate Board

Toronto Real Estate Board

July 16, 2013 10:00 ET

GTA REALTORS® Release Second Quarter Condo Market Report

TORONTO, ONTARIO--(Marketwired - July 16, 2013) - Greater Toronto Area REALTORS® reported 5,984 condominium apartment transactions through the TorontoMLS system in the second quarter of 2013. This result was down by approximately six per cent in comparison to the second quarter of 2012. The number of active listings at the end of the second quarter was up year-over-year by less than 2.5 per cent, while new listings were down by slightly more than four per cent.

"The GTA condominium apartment market has been the subject of much discussion recently, due in large part to the number of new units completed over the past two years and the number of units that remain under construction. With this in mind, it is important to point out that the condo market has fared quite well. Even with sales down and the number of active listings up, the average selling price has found support at current levels," said Toronto Real Estate Board (TREB) President Dianne Usher.

The average selling price for condominium apartments in the second quarter was $347,896 - up by 1.7 per cent compared to the average of $342,148 in the second quarter of 2012. The MLS® Home Price Index (HPI) apartment benchmark price was also up by approximately one per cent over the same period.

"While active listings were up year-over-year in the second quarter, it is interesting to note that new listings were down over the same period. If the number of new listings continues to drop in the second half of 2013 and the sales situation improves, we could see the pace of condo price growth accelerate as market conditions tighten," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Condominium Apartment Market Summary
Second Quarter
2013 2012
Sales Average Price Sales Average Price
Total TREB 5,984 $347,896 6,375 $342,148
Halton Region 127 $327,748 118 $332,957
Peel Region 885 $258,350 984 $264,537
City of Toronto 4,281 $372,805 4,486 $364,342
York Region 551 $332,928 620 $340,143
Durham Region 128 $226,378 158 $217,417
Other Areas 12 $262,048 9 $213,411

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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