TORONTO, ONTARIO--(Marketwired - Jan. 26, 2017) - Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831. Over the same period of time, new listings were down by 13.4 per cent.
With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.
"Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment.
Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation," said Mr. Cerqua.
At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent. The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent to $437,281.
"First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condominium apartment. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis," said Jason Mercer, TREB's Director of Market Analysis.
Condominium Apartment Market Summary | ||||||||
Fourth Quarter 2016 | ||||||||
2016 | 2015 | |||||||
Sales | Average Price | Sales | Average Price | |||||
Total TREB | 6,831 | $437,281 | 5,587 | $381,981 | ||||
Halton Region | 194 | $442,613 | 157 | $383,406 | ||||
Peel Region | 886 | $331,224 | 805 | $280,848 | ||||
City of Toronto | 4,842 | $465,403 | 3,961 | $407,825 | ||||
York Region | 775 | $403,375 | 542 | $367,482 | ||||
Durham Region | 114 | $324,295 | 114 | $277,343 | ||||
Other Areas | 20 | $233,535 | 8 | $208,000 | ||||
Source: Toronto Real Estate Board |
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state- of-the-art Multiple Listing Service. Over 46,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.
These press releases may also interest you
|