TORONTO, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Tim Syrianos announced that Greater Toronto Area REALTORS® reported 5,773 condominium apartment sales through TREB’s MLS® System in the fourth quarter of 2017. This result was down by 15.4 per cent compared to the last three months of 2016.
Over the same period, new condominium apartment listings were up by 9.8 per cent to 8,186. While sales were down relative to listings, market conditions still remained tight, with a sales-to-new listings ratio of 70 per cent.
“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 Mr. Syrianos.
The average selling price for condominium apartments was up by 17.9 per cent year-over-year in the fourth quarter to $515,816. While this annual rate of growth was down from earlier in 2017, the condominium apartment segment was still the leader in terms of price growth in the second half of the year.
“Seller’s market conditions remained in place for the condominium apartment market 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 Director of Market Analysis.
| Condominium Apartment Market Summary | Fourth Quarter 2017 | ||||||
| 2017 | 2016 | ||||||
| Sales | Average Price | Sales | Average Price | ||||
| Total TREB | 5,773 | $515,816 | 6,821 | $437,412 | |||
| Halton Region | 202 | $461,200 | 194 | $442,618 | |||
| Peel Region | 768 | $389,338 | 885 | $331,254 | |||
| City of Toronto | 4,198 | $549,472 | 4,833 | $465,612 | |||
| York Region | 484 | $481,906 | 775 | $403,375 | |||
| Durham Region | 108 | $381,893 | 114 | $324,295 | |||
| Other Areas | 13 | $343,069 | 20 | $233,535 | |||
Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158 maryg@trebnet.com
Over 49,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. 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®. TREB is Canada’s largest real estate board.
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