According to the latest Condo Market Report for Q2 from the Toronto Real Estate Board, condo apartment transactions decreased by six per cent compared to the same quarter in 2012, down to 5,984 total transactions through the Toronto MLS Listings.
“The GTA condominium apartment market has been the subject of much discussion recently, due in large part to the number of new units completed over the past two years and the number of units that remain under construction,” said the president of the Toronto Real Estate Board, Dianne Usher. “With this in mind, it is important to point out that the condo market has fared quite well. Even with sales down and the number of active listings up, the average selling price has found support at current levels.”
The average sales price for condo apartments was $347,896 in the second quarter, which is an increase of 1.7 per cent.
“While active listings were up year-over-year in the second quarter, it is interesting to note that new listings were down over the same period,” said the senior manager of market analysis for the Toronto Real Estate Board, Jason Mercer. “If the number of new listings continues to drop in the second half of 2013 and the sales situation improves, we could see the pace of condo growth accelerate as market conditions tighten.”
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