Toronto, April 17, 2015 — Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 4,940 condominium apartment sales during the first quarter of 2015. This result represented an 11.1 per cent increase compared to 4,447 sales reported in Q1 2014. New listings were also up on a year-over-year basis by 6.2 per cent. The fact that sales grew at a faster pace than new listings contributed to active listings remaining virtually unchanged at the end of the quarter, in comparison to 2014.
"The condo apartment segment represents a very important component of the overall GTA housing market and particularly the City of Toronto, which accounted for 70 per cent of total condo apartment transactions reported by REALTORS® in the first quarter. Newly completed condo units listed for sale over the past few months have been met with a substantial amount of demand from end users,” said Mr. Etherington.
The average selling price for condominium apartments in the first quarter was up by 3.6 percentyear-over-yearto$363,973. Duringthefirstthreemonthsoftheyear,theMLS® Home Price Index (HPI) benchmark for apartments was up by a similar amount, ranging between three and four per cent annually. The fact that average price growth and growth in the MLS® HPI benchmark was similar in the first quarter suggests that the mix of units sold was similar this year compared to last.
“The condo apartment price growth we experienced in the first quarter is indicative of a healthy marketplace where there is enough demand relative to the supply of listings to see moderate year-over-year price growth. In other words, we are very much experiencing balanced market conditions as it relates to condos,” said Jason Mercer, TREB’s Director of Market Analysis.
Chestnut Park Real Estate Ltd., Brokerage, independently owned & operated
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.
The listing content on this website is protected by copyright and other laws, and is intended solely for the private, non-commercial use by individuals. Any other
reproduction, distribution or use of the content, in whole or in part, is specifically forbidden. The prohibited uses include commercial use, "screen scraping",
"database scraping", and any other activity intended to collect, store, reorganize or manipulate data on the pages produced by or displayed on this website.
The information contained on this site is based in whole or in part on information provided by members of The Canadian Real Estate Association, who are responsible for
its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
This website is operated by a brokerage or sales person who is a member of The Canadian Real Estate Association.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real
Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA's By-Laws, Rules and the
REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are
members of CREA.
The trademarks MLS®, Multiple Listing Service®, and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the
purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 6/20/2019 02:20:32 AM