In Q2 2015 there were 7,656 condominium apartment transactions reported
through TREB’s MLS® system, representing a year over-year
growth rate of 17 per cent relative to Q2 2014.
Sales growth greatly outpaced growth in listings, with new listings up by a lesser rate
of 7.3 per cent year-over-year and active listings at the end of the second quarter
down by 1.3 per cent. Much of the new condominium apartment inventory that has been brought to bear
on the market in the recent past has been absorbed. In fact, market conditions have
tightened with months of inventory trending lower. This suggests that recent
condominium apartment completions, while strong from a historic perspective,
simply helped satisfy a growing demand for this housing type. Absorption rates and
price growth statistics point to a healthy market.
The average selling price for condominium apartments in the TREB market area as
a whole grew by 5.8 per cent year-over-year to $388,066. In the City of Toronto,
which accounted for 70 per cent of sales in the GTA, the average selling price of
$416,728 represented a 6.1 per cent increase compared to Q2 2014. "Condominium apartment prices have been appreciating at a moderate pace, on
average, over the past year, especially when compared to low-rise home types like
detached and semi-detached houses and townhouses. However, it is possible that
we could see an acceleration in condo price growth in the second half of this year,
as growth in sales remains strong relative to growth in listings,” said Jason Mercer,
TREB’s Director of Market Analysis.
Buying, Selling, Leasing or Investing in real estate is sometimes a complex undertaking. Hiring me, a real estate professional will help save you time and money. steven@maislin.com
