Average Condo Price Continues to Climb in Q2 2018
Greater Toronto area Realtors reported 6,837 condo apartment sales through the MLS in Q2 2018. The number of transactions represented a 16.5% decrease compared to 8,188 transactions reported in Q2 2017.
In the City of Toronto, which accounted for 72.0% of condo apartment sales in the GTA, sales were down by 20.0%. The average selling price in the City of Toronto was $603,480 up 6.5% from Q2 2017.
The number of new listings in the GTA reported in Q2 was down by 15.9% compared to the same period in 2017. The number of active listings in the GTA reported in Q2 was up by 2.5% compared to the same period in 2017.
“Condominium apartments have outperformed other housing types over the past year, in terms of price growth. It has been a seller’s market in many neighbourhoods for this home type, which is why we have continued to report average price growth more than twice the rate of inflation,” said Toronto Real Estate Board President Gary Bhaura.
The average GTA selling price grew in Q2 was up by 5.4% from the same time last year to $561,338.
“First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Other notable statistics include the average days on the market for Q2 2018 at 19 days, up from 12 days a year earlier.
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 pace of average rent growth continues well-above inflation.
The number of GTA condominium apartments listed for rent in Q2 was down on a year-over-year basis by 2.9%.
The average one-bedroom rent for the TREB market area as a whole was up by 10.4% on a year-over-year basis to $2,055. The average two-bedroom rent was up by 8.8% to $2,755.
The vacancy rate for a condo apartment in the City of Toronto for Q2 2018 was 0.7%.
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