NEWS RELEASE
GTA REALTORS® REPORT Q4 RESALE CONDOMINIUM FIGURES
TORONTO, January 16, 2015 -- Toronto Real Estate
Board President Paul Etherington announced that there were 4,975
condominium apartment sales reported through the TorontoMLS system in
the fourth quarter of 2014. This result was up by 8.3 per cent compared
to the fourth quarter of 2013.
“Demand for condominium apartments remained strong in the
fourth quarter of 2014. While the supply of condominium apartments
listed for sale grew in the fourth quarter, including a large number of
newly completed units, the number of sales grew at a faster pace.
Competition between buyers increased in the condo market over the past
year,” said Mr. Etherington.
“Interest in ownership housing in the GTA, including demand
from first-time buyers in the condo market, is extremely strong. The
majority of households understand that a home purchase represents a
quality long-term investment,” said Mr. Etherington.
The average TorontoMLS selling price for a condominium
apartment in the fourth quarter of 2014 was $367,199 – up 3.8 per cent
compared to the average of $353,799 reported for the same period in
2013.
“Despite very strong condominium apartment completions over
the last two years, we have not experienced a glut in inventory. The
number of buyers has more than kept up with the number of units
available for sale. This is why we continued to experience
above-inflation average price growth in the condo segment,” said Jason
Mercer, TREB’s Director of Market Analysis.
Board President Paul Etherington announced that there were 4,975
condominium apartment sales reported through the TorontoMLS system in
the fourth quarter of 2014. This result was up by 8.3 per cent compared
to the fourth quarter of 2013.
“Demand for condominium apartments remained strong in the
fourth quarter of 2014. While the supply of condominium apartments
listed for sale grew in the fourth quarter, including a large number of
newly completed units, the number of sales grew at a faster pace.
Competition between buyers increased in the condo market over the past
year,” said Mr. Etherington.
“Interest in ownership housing in the GTA, including demand
from first-time buyers in the condo market, is extremely strong. The
majority of households understand that a home purchase represents a
quality long-term investment,” said Mr. Etherington.
The average TorontoMLS selling price for a condominium
apartment in the fourth quarter of 2014 was $367,199 – up 3.8 per cent
compared to the average of $353,799 reported for the same period in
2013.
“Despite very strong condominium apartment completions over
the last two years, we have not experienced a glut in inventory. The
number of buyers has more than kept up with the number of units
available for sale. This is why we continued to experience
above-inflation average price growth in the condo segment,” said Jason
Mercer, TREB’s Director of Market Analysis.
Condominium Apartment
Market Summary |
|||||
Fourth Quarter 2014
|
|||||
2014
|
2013
|
||||
Sales
|
Average Price
|
Sales
|
Average Price
|
||
Total TREB
|
4,975
|
$367,199
|
4,594
|
$353,799
|
|
Halton Region
|
138
|
$395,550
|
140
|
$328,846
|
|
Peel Region
|
676
|
$269,928
|
657
|
$260,396
|
|
City of Toronto
|
3,564
|
$390,989
|
3,229
|
$380,997
|
|
York Region
|
488
|
$346,506
|
449
|
$333,474
|
|
Durham Region
|
98
|
$251,709
|
111
|
$236,527
|
|
Other Areas
|
11
|
$228,191
|
8
|
$251,250
| |
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