Seller Market Conditions Continue in Q4 2017
Greater Toronto area Realtors reported 5,773 condo apartment sales through the MLS in Q4 2017. The number of transactions represented a 15.4% decrease compared to 6,821 transactions reported in Q4 2016.
In the City of Toronto, which accounted for 72.7% of condo apartment sales in the GTA, sales were down by 15.0%. The average selling price in the City of Toronto was $549,472 up 18.0% from Q4 2016.
The number of new listings in the GTA reported in Q4 was up by 9.8% compared to the same period in 2016. The number of active listings in the GTA reported in Q4 was up by 44.2% compared to the same period in 2016.
“Demand for condominium apartments remained strong relative to listings in the fourth quarter. Even with the uptick in listings, which was certainly welcome, there was enough competition between buyers to prompt double-digit annual rates of price growth. This points to the fact that we still do have a supply problem in the GTA that needs to be addressed to ensure the long term sustainability of the marketplace,” said Toronto Real Estate Board President Tom Syrianos.
The average GTA selling price grew in Q4 up by 17.9% from the same time last year to $515,816.
“Seller’s market conditions remained in place for the condominium apartment segment in the fourth quarter. Based on price point, this housing type remains top of mind for many first-time buyers. In addition, as home prices have grown year-over-year some buyers who initially may have considered the purchase of a low-rise home have chosen to purchase a condo apartment as well” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Other notable statistics include the average days on the market for Q4 2017 at 23 days, no change from Q4 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 pace of average rent growth continues well-above inflation. Greater Toronto Area Realtors reported 5,668 condominium apartment lease transactions in Q4 2017, down by 0.7% from Q4 2016. The number of GTA condominium apartments listed for rent in Q4 was down on a year-over-year basis by 3.4%.
The average one-bedroom rent for the TREB market area as a whole was up by 10.9% on a year-over-year basis to $1,970. The average two-bedroom rent was up by 8.8% to $2,627.
The vacancy rate for a condo apartment in the City of Toronto for Q4 2017 was 0.7%.
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