TORONTO, Jan. 28, 2019 (GLOBE NEWSWIRE) -- Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 5,191 condominium apartment sales through TREB’s MLS® System in the fourth quarter of 2018. This result was down by 9.9 per cent compared to the last three months of 2017.
New condominium apartment listings entered into TREB’s MLS® System were down by more than sales on a year-over-year basis – dropping 11.2 per cent from 8,186 in Q4 2017 to 7,272 in Q4 2018. This points to tighter market conditions at the end of 2018 compared to year-end 2017.
“The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 2018. Condos represent a relatively affordable housing option. With a substantial decrease in listings in 2018, competition between intending buyers remained strong. This supported average price growth well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types,” said Mr. Bhaura.
The average price of a condominium apartment increased by 8.3 per cent from $516,086 in Q4 2017 to $558,728 in Q4 2018. Year-over-year price growth in the City of Toronto, which accounted for 72 per cent of transactions, was slightly higher at 8.9 per cent resulting in an average price of $598,664.
“The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 2018. Higher mortgage qualification standards meant that many first-time buyers were looking for more affordable housing options. Moving forward, the concern is that a continued lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs,” said Jason Mercer, TREB’s Director of Market Analysis.
| Condominium Apartment Market Summary | |||||||
| Fourth Quarter 2018 | |||||||
| 2018 | 2017 | ||||||
| Sales | Average Price | Sales | Average Price | ||||
| Total TREB | 5,191 | $558,728 | 5,760 | $516,086 | |||
| Halton Region | 222 | $510,946 | 202 | $461,200 | |||
| Peel Region | 654 | $424,860 | 767 | $389,446 | |||
| City of Toronto | 3,728 | $598,664 | 4,188 | $549,927 | |||
| York Region | 453 | $498,198 | 482 | $481,307 | |||
| Durham Region | 117 | $383,872 | 108 | $381,893 | |||
| Other Areas | 17 | $391,265 | 13 | $343,069 | |||
| Source: Toronto Real Estate Board | |||||||
Media Inquiries:
Mary Gallagher, Senior Manager Public Affairs (416) 443-8158 maryg@trebnet.com
Over 53,000 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.
https://www.facebook.com/TorontoRealEstateBoard
https://twitter.com/TREBhome
https://www.youtube.com/user/TREBChannel
https://www.pinterest.com/trebhome/
http://www.linkedin.com/company/treb
http://www.trebwire.com/
https://plus.google.com/+trebchannel
https://www.trebhome.com/rssfeed.htm
https://www.instagram.com/trebhome
https://soundcloud.com/trebhome/tracks