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Greater Toronto Realtors(R) Report Q2 Condo Market Figures

TORONTO, ONTARIO -- (Marketwired) -- 07/18/14 -- Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014. Q2 sales were up by 10.4 per cent compared to the same period in 2013. New listings were up over the same period, but by a lesser 4.4 per cent.

"Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter," said Toronto Real Estate Board President Paul Etherington.

The average selling price for condominium apartments in the second quarter was up by 5.5 per cent year-over-year to $367,010. In the City of Toronto, which accounted for 71 per cent of total sales, the average selling price was $392,739, representing an increase of 5.3 per cent.

"Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth. Even as inventory levels increase due to record occupancies in 2013, we should see enough demand to sustain price growth above the rate of inflation in the second half of this year," said Jason Mercer, TREB's Senior Manager of Market Analysis.


Condominium Apartment Market Summary Second Quarter 2014

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                              2014                          2013
                  ----------------------------  ----------------------------
                      Sales     Average Price       Sales     Average Price
Total TREB            6,553       $367,010          5,936       $347,988
Halton Region          193        $345,387           127        $327,748
Peel Region            951        $270,921           878        $258,426
City of Toronto       4,638       $392,739          4,244       $373,064
York Region            620        $359,736           547        $332,235
Durham Region          137        $240,449           128        $226,378
Other Areas            14         $229,371           12         $262,048
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Source: Toronto Real Estate Board

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. Over 39,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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