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Greater Toronto Realtors reported 4,586 condominium apartment sales through the MLS in the fourth quarter of 2013. The number of transactions represented a 21.0% increase compared to 3,789 transactions reported for the fourth quarter of 2012. In the City of Toronto, which accounted for 70% of condominium apartment sales, sales were up by 17.7%.
The number of new listings reported in the fourth quarter was down by 0.6% compared to the same period in 2012.
“This time last year many were predicting that the condo apartment market would experience a downturn, both in terms of sales and selling prices. While there was a temporary lull in sales and price growth in the first half of 2013, we saw an about face in the second half of the year as buyers realized home ownership remained affordable. As the demand for condos rebounded, competition between buyers increased and the pace of price growth accelerated,” said Toronto Real Estate Board President Dianne Usher.
The average selling price in the GTA for Q4 was up by 6.5% from the same time last year to $353,665. In the City of Toronto the average price was up by 8.3%
“If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation. However, there was an increase in condo completions last year. the degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Other notable statistics include the average days on the market for Q4 at 36 days. Active listings were 4,482 in Q4-down 4.1% from Q4 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 became better supplied in some parts of the GTA in the fourth quarter of 2013, particularly in the City of Toronto. The number of condo apartments listed for rent increased at a greater year-over-year pace compared to rental transactions.
Growth in average rents for the popular one-bedroom and two bedroom unit types was mixed. Average one-bedroom rents dipped slightly on a year-over-year basis, whereas average two-bedroom rents increased at an annual rate greater than inflation.
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