Condo Sales and Price Up in Q2 2015

Greater Toronto Realtors reported 7,656 condo apartment sales through the MLS in the 2nd quarter of  2015. The number of transactions represented a 17.0% increase compared to 6,541 transactions reported in Q2 2014.

In the City of Toronto, which accounted for 70% of condo apartment sales in the GTA, sales were up by 15.9%. The average selling price in Toronto was $416,728 up 6.1% from Q2 2014.

The number of new listings in the GTA reported in Q2 was up by 7.3% compared to the same period in 2014.

“Much of the new condominium apartment inventory that has been brought to bear on the market in the recent past has been absorbed. In fact, market conditions have tightened with months of inventory trending lower. This suggests that recent condominium apartment completions , while strong from a historic perspective, simply helped satisfy a growing demand for this housing type. Absorption rates and price growth statistics point to a healthy market ,” said Toronto Real Estate Board President Mark McClean.

The average selling price grew in Q2 up by 5.8% from the same time last year to $388,066.

“Condominium apartment prices have been appreciating at a moderate pace on average, over the past year, especially when compared to low-rise home types like detached and semi-detached houses and townhouses. However, it is possible that we could see an acceleration in condo price growth in the second half of this year, as growth in sales remains strong relative to growth in listings,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Other notable statistics include the average days on the market for Q2 at 28 days. Active listings were 7,189 in Q2-down 1.3% from Q2 2014.

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 downtown core rental transactions in Q2 along with the number of units listed for rent.

Many renter households continued to look toward investor-owned condominium apartments to meet their housing needs.

Average rents for popular one-bedroom and two-bedroom units were up slightly on a year-over-year basis.

The condo apartment vacancy rate for Toronto was 1.3% which is very low.

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