Save the Date: Learn about the Federal Governments Home Buyer’s Plan in a FREE seminar…November 23,12:00pm . Contact me for more information.
Free Real Estate Reports: click here to have access to many free informative buyer and seller reports.
FaceBook: Please join my Real Estate Page here.
Greater Toronto Realtors reported 5,307 condominium apartment sales through the MLS in the third quarter of 2013. The number of transactions represented a 18.0% increase compared to 4,498 transactions reported for the third quarter of 2012. In the City of Toronto, which accounted for 72% of condominium apartment sales, sales were up by 19.5%.
The number of new listings reported in the third quarter was down by 1.0% compared to the same period in 2012.
“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 in the GTA for Q3 was up by 1.9% from the same time last year to $340,069. In the City of Toronto the average price was up by 1.01%
“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 Analyses.
Other notable statistics include the average days on the market for Q3 at 36 days. Active listings were 6,711 in Q3-down 4.0% from Q3 2012.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property’s market value range .
Real estate is very building specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.
The condominium apartment rental market continued to tighten in the third quarter of 2013, with condominium apartment rental transactions increasing on a year-over-year basis by a greater rate than the number of units listed for rent.
Tight rental market conditions resulted in continued growth in average
rents for one-bedroom and two-bedroom condominium apartments especially in
newer buildings with modern finishes and amenities.
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca