GTA Real­tors release condo mar­ket report

Greater Toronto Area Real­tors reported 4,541 con­do­minium apart­ment sales through the Toronto MLS sys­tem in the third quar­ter of 2012. This result rep­re­sented a 20.5% decline in trans­ac­tions com­pared to the third quar­ter of 2011. Over the same period, the num­ber of new list­ings was up by more than 6.5% to 11,456.

“The con­do­minium apart­ment mar­ket was the best sup­plied mar­ket seg­ment in the third quar­ter of this year. Strong con­do­minium apart­ment com­ple­tions in 2011 and begin­ning of 2012 resulted in many investor-held units listed for sale. At the same time, sales dropped off rel­a­tive to last year as some buy­ers moved to the side­lines as stricter mort­gage lend­ing guide­lines resulted in increased costs of home own­er­ship,” said Toronto Real Estate Board (TREB) Pres­i­dent Ann Hannah.

The aver­age sell­ing price for con­do­minium apart­ments in the third quar­ter, at $334,204, was flat in com­par­i­son to the same period last year.

“With more list­ings to choose from and fewer sales, condo buy­ers have not been as aggres­sive with regard to offers, and sell­ers have had to price their units com­pet­i­tively. The result was lit­tle upward pres­sure on the aver­age sell­ing price com­pared to last year. Given the sup­ply of list­ings cur­rently in the mar­ket place, the aver­age rate of price growth for condo apart­ments should con­tinue to lag price growth for low-rise home types over the next year,” said Jason Mer­cer, TREB’s Senior Man­ager of Mar­ket Analysis.

City of Toronto Condo Sales
2012 Sales: 3,219 | Aver­age Price: $357,030
2011 Sales: 4,117 | Aver­age Price: $355,561

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Con­tact the Jef­frey Team for more infor­ma­tion – 416−388−1960

Lau­rin & Natalie Jef­frey are Toronto Real­tors with Cen­tury 21 Regal Realty.
They did not write these arti­cles, they just repro­duce them here for peo­ple
who are inter­ested in Toronto real estate. They do not work for any builders.
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