Average Condo Price Up Year-Over-Year in Q2 2017
Greater Toronto Realtors reported 8,223 condo apartment sales through the MLS in the second quarter of 2017. The number of transactions represented a 8.0% decrease compared to 8,942 transactions reported in Q2 2016.
In the City of Toronto, which accounted for 72% of condo apartment sales in the GTA, sales were down by 7.0%. The average selling price in the City of Toronto was $566,513 up 28.0% from Q2 2016.
The number of new listings in the GTA reported in Q2 was up by 0.7% compared to the same period in 2016. The number of active listings in the GTA reported in Q2 was down by 24.6% compared to the same period in 2016.
“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the contribution of strong annual rates of price growth,” said Toronto Real Estate Board President Tom Syrianos.
The average GTA selling price grew in Q2 up by 28.1% from the same time last year to $532,032.
“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. This makes sense, given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Other notable statistics include the average days on the market for Q2 2017 at 12 days, down from 25 days in Q2 2016.
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 number of condominium apartments listed for rent in the Q2 2017 was down on a year-over-year basis but by 3.1%.
Greater Toronto Area lease transactions in Q2 2017 were in line with Q2 2016.
With demand for condominium apartment rentals remaining very strong and supply diminishing, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.
The average one-bedroom rent for the TREB market area as a whole was up by 8.8 per cent on a year-over-year basis to $1,861. The average two-bedroom rent was up by 8.7 per cent to $2,533.
The vacancy rate for a condo apartment in the City of Toronto for Q2 2017 was 1.0%.
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