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The Toronto Real Estate Board (TREB) has released their Third Quarter condominium report, showing a continuation of recent housing market trends with increases from last year's figures in sales, average prices and new listings in the Greater Toronto Area.
The average price for condominium apartments sold during Q3 was $359,352, marking a 5.7% increase over the average price in Q3 2013, which was $339,878. Average selling prices remained highest in the City of Toronto, at $382,210, an increase of 6.1% year-over-year.
“Growth in condominium apartment listings will likely continue over the next year, reflecting the continuation of strong condominium apartment completions. However, the fact that we are seeing growth in condo sales outstrip growth in listings suggests that market conditions will remain tight enough to prompt continued price growth,” said Jason Mercer, TREB’s Director of Market Analysis.
Condominium apartment sales through the TorontoMLS system saw a 12.9 per cent year-over-year increase during the third quarter of 2014, rising to 5,954. New listings of condominium apartments on TorontoMLS also saw an increase of 4.5 per cent when compared with the same period last year.
“Condominium apartments represent an affordable home ownership option for first-time buyers. New condominium apartment completions have been at record levels over the past two years." said Toronto Real Estate Board President Paul Etherington. "However, even though many of these newly completed units have been listed on TorontoMLS, we have not experienced a glut in inventory. There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace,” said Etherington.
