According to the Toronto Real Estate Board (TREB), Greater Toronto Area condominium units continued average price growth on a year-over-year basis. The average selling price for a unit was $510,206 in Q3-2017, an increase of 22.7 per cent year-over-year to $415,894 in Q3-2016.
“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remains strong, as listings remain below last year’s very constrained levels,” said Tim Syrianos, TREB president, in a press release. “Over the past few months, TREB has participated in discussions at various levels of government pointing at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium apartment market is not immune to a listings shortage.”
“TREB will also be paying close attention to the potential impacts of the new OSFI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto,” continued Syrianos. “We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle.”
In the third quarter of 2017, there were 5,684 condominium apartments sold in the GTA, which is down compared to the 7,991 sales reported during the same period last year.
New condominium apartment listings also fell on an annual basis by 10 per cent to 9,845 in Q3-2017, compared to 10,967 in Q3-2016.
“Condominium apartments will likely account for a greater share of home sales as we move forward,” added Jason Mercer, TREB’s director of market analysis. “Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments. With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings.”
