Greater Toronto Realtors reported 5,954 condo apartment sales through the MLS in the 3rd quarter of 2014. The number of transactions represented a 12.9% increase compared to 5,274 transactions reported in Q3 2013.
In the City of Toronto, which accounted for 71% of condo apartment sales in the GTA, sales were up by 11.4%. The average selling price in Toronto was $382,210 up 6.1% from Q3 2013.
The number of new listings in the GTA reported in Q3 was up by 4.5% compared to the same period in 2013.
“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. 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 Toronto Real Estate Board President Paul Etherington.
The average selling price grew in Q3 up by 5.7% from the same time last year to $359,352.
“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 Senior Manager of Market Analysis.
Other notable statistics include the average days on the market for Q3 at 34 days. Active listings were 6,620 in Q3-down 1.4% from Q3 2013.
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 averages. Results in one building do not indicate that all other buildings are experiencing the same results.
There was an increase in the number of condo apartment rental transactions in Q3 along with the number of units listed for rent.
Average rents for popular one-bedroom and two-bedroom units were little changed on a year-over-year basis.
The condo apartment vacancy rate for Toronto was 1.7%.
Here is what you can do next:
Please contact me direct at 416-520-6746 or by email, David@DavidStoddard.ca
** You can follow my real estate posts on FACEBOOK. Click here to LIKE my real estate page.