Q3 condo market report says sales, listings, prices up

By Sonia Bell
October 23, 2014

The Q3 condo market report recently released by the Toronto Real Estate Board reveals the condominium market saw an increase in prices, sales and listings in the GTA. Condo sales have increased 12.9 per cent year over year through the Toronto MLS system. The number of sales also increased to 5,954 and new condo listings have also increased 4.9 per cent in comparison to the same period last year.

The increase in condo sales can be attributed to the high housing costs in Toronto. Condominiums are a more affordable option for home buyers, especially first-time buyers. The increase in listings, on the other hand, is largely due to the completion of new condominiums. According to TREB president Paul Etherinton, “New condominiums apartment completions have been at record levels over the past two years. However, even though many of these newly completed units have been listed on Toronto MLS, we have not experienced a glut in inventory. There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace.”

In addition to the increase in sales and listings, condominium price tags have also increased.The condo market report shows average selling price grew 5.7 per cent in the third quarter, at $359,352 in comparison to $339,878 in 2013. The average in the city of Toronto has also increased 6.1 per cent year-over-year to $382,210.

Jason Mercer, director of market analysis at TREB, explains that the growth in condo sales exceeds the growth of new listings. As a result, prices will likely continue to rise.

Condo Market Report at a glance:

Treb Q3 condo market report

 

About Sonia Bell

Sonia Bell is a NextHome contributor. She has her masters in Communications studies and loves exploring all things real estate – from home décor trends to neighbourhood and market news.

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