On July 16, 2013, Toronto Real Estate Board (TREB) released their Condo Market Report for the second quarter (Q2) of 2013. The stats were gathered via the TorontoMLS system and account for the entire Greater Toronto Area (GTA).
Q2 condo sales in the GTA
According to TREB, TorontoMLS reported 5,984 condo sales in the GTA for Q2. Compared to Q2 of 2012, condo sales are down 6%. Most of the condo sales were in the City of Toronto area, where there were 4,281.
TREB President, Dianne Usher, commented, “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. 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.”
Q2 condo prices in the GTA
The average selling price for condos in the GTA during Q2 came in at $347,896, a 1.7% increase compared to Q2 of 2012 ($342,148). Out of all of the regions within the GTA, the City of Toronto had the highest average selling price at $372,805. Durham Region had the lowest average selling price with $262,048.
Senior Manager of Market Analysis, Jason Mercer, commented, “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. 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 price growth accelerate as market conditions tighten.”
So, it looks like condo prices in the GTA might increase even more throughout the second half of 2013.
We look forward to watching the GTA’s condo market transform through the rest of the year!
To read TREB’s full report, click here.