October 16, 2013 --
Greater Toronto Area REALTORS® reported 5,307 condominium apartment transactions
through the TorontoMLS system in the third quarter of 2013. This result was up
by 18 per cent in comparison to 4,498 condominium apartment sales reported for
the third quarter of 2012. In the City of Toronto, which accounted for 72 per
cent of condominium apartment transactions, sales were up by 19.5 per cent.
“The Echo Generation wants to live close to where they work and play. It
makes sense that they have turned to condominium apartments as they have moved
into home ownership. Many condominium apartments in the GTA are characterized by
their proximity to a diversity of employment, transportation and leisure
alternatives,” said Toronto Real Estate Board President Dianne Usher.
“A growing number of buyers have restarted their search for a condominium
apartment since the summer. Despite the onset of stricter lending guidelines,
buyers have found that home ownership remains affordable,” continued Ms. Usher.
The average selling price for condominium apartments in the third quarter of
2013 was $340,069 – up almost two per cent in comparison to the average of
$333,846 in the third quarter of 2012.
“We experienced a moderate annual rate of increase in the average condo
price. However, while condo sales were up, listings were down in the third
quarter. If this trend continues, it could point to increased competition
between condo buyers and an uptick in the pace of price growth moving forward,”
said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Source Treb
Greater Toronto Real Estate Market Information For Buyers, Sellers and Investors
Monday, November 4, 2013
Strong Sales and Price Growth in September
October 3, 2013 -- Greater
Toronto Area REALTORS® reported 7,411 residential sales through the TorontoMLS
system in September 2013, representing a 30 per cent increase compared to 5,687
transactions reported in September 2012. Year-to-date, total residential sales
reported through TorontoMLS amounted to 68,907 during the first nine months of
2013 – down by one per cent compared to the same period in 2012.
“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.
The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.
The MLS® Home Price Index composite benchmark for September was up by four per cent year-over-year. The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.
“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has
been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Source Treb
“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.
The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year. Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.
The MLS® Home Price Index composite benchmark for September was up by four per cent year-over-year. The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.
“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has
been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Source Treb
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