Condo Market Snapshot

Strong Condo Sales and Price Growth in Q1 2016

April 22, 2016 - Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,974 condominium apartment sales through TREB's MLS® system during the first quarter of 2016 - an increase of 21.2 per cent compared to the first quarter of 2015. Approximately 70 per cent (4,131 sales) of first quarter 2016 transactions occurred in the City of Toronto.

The same annual rate of growth was not experienced for new listings. There were 11,112 new condominium apartment listings entered into TREB's MLS® System in the first quarter - down 1.7 per cent compared to the same period in 2015.

"It is clear that the demand for condominium apartments more than kept up with the supply of listings in the first quarter of this year. This housing type is an important entry point into home ownership for a lot of GTA households, particularly in the City of Toronto. Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers," said Mr. McLean.

The average condominium apartment selling price was $393,589 in the first quarter - up 8.1 per cent compared to Q1 2015. Similarly, the MLS® Home Price Index benchmark price for apartments was up by 7.1 per cent on a year-over-year basis at the end of March.

"While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time," said Jason Mercer, TREB's Director of Market Analysis.


Reprinted from the Toronto Real East Board Condo Market Report.
Condo Market Tightened in Q4 2015

January 27, 2016 - Toronto Real Estate Board President Mark McLean announced that Greater Toronto Area REALTORS® reported 5,595 condominium apartment sales through TREB's MLS® system during the fourth quarter of 2015. This result was up by 12.6 per cent compared to the same period in 2014.

Over the same period of time, the number of new condominium apartment listings entered into TREB's MLS® System was also up, but by a substantially lower annual rate compared to sales, at 3.3 per cent. The result was tighter market conditions compared to a year earlier.

"The condominium apartment market segment is integral to the overall housing market in the Greater Toronto Area. Over the past decade, the trend has been to increasingly build up due to provincial land use policies. As new projects have completed, a number of investor-held units have been listed for sale on TREB's MLS® System. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth," said Mr. McLean.  

The average selling price for condominium apartments in the fourth quarter was up by 4.1 per cent year-over-year to $382,070. Throughout the fourth quarter, the MLS® Home Price Index (HPI) Apartment Benchmark Price was up by between four and six per cent on an annual basis.

"First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent an important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year," said Jason Mercer, TREB's Director of Market Analysis. 

Reprinted from the Toronto Real East Board Condo Market Report.