Condo Market Conditions Remain Tight in Q3 2017
Toronto Real Estate Board President Tim Syrianos reported continued average price growth on a year-over-year basis for condominium apartments listed and sold through TREB’s MLS® System by Greater Toronto Area REALTORS®. The average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016.
“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remains strong, as listings remain below last year’s very constrained levels. Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium apartment market is not immune to a listings shortage,” said Mr. Syrianos.
“TREB will also be paying close attention to the potential impacts of the new OSFI Guideline B- 20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancy tax in the City of Toronto. We will be asking consumers about their opinion on these initiatives, from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr. Syrianos.
There were 5,684 condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2017. This result was down from 7,991 sales reported during the same period in 2016.
New condominium apartment listings were also down on a year-over-year basis by 10 per cent to 9,845 in Q3 2017 compared to 10,967 in Q3 2016.
“Condominium apartments will likely account for a greater share of home sales as we move forward. Consumer polling undertaken for TREB by Ipsos in the spring pointed to increased buying intentions for condominium apartments. With this in mind, it is not surprising that we have continued to see robust price growth, as demand has remained strong relative to available listings, said Jason Mercer, TREB’s Director of Market Analysis.
CLICK HERE to download the full Q3 2017 Condo Market Report.
About the Toronto Real Estate Board
The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 45,000 Members.
Toronto Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.
They're marketing professionals who know how to make your home more saleable. And they know what questions to ask when you're considering buying a home.
They're up to date on the most current market conditions so they can counsel you through all the important decisions. And they negotiate for you to maximize your return. Get peace of mind with a real estate professional.
Let us know what you think, send all your feedback to: email@example.com
If you have any questions or concerns about the Toronto Real Estate Board ("TREB") complaint process as it relates to the conduct of TREB Members, please email your comments to firstname.lastname@example.org
About Royal LePage Vision
Founded in 2003, Royal LePage Vision, in Toronto, is a multiple award-winning brokerage with a strong contingent of high-performing agents. Our strength over the past 13 years is rooted in technology and how innovation translates to exceptional service.
From top to bottom our brokerage is built on making it easier for our Realtors to succeed in real estate while staying consistently connected to the office. With a strong emphasis on training, for both our support staff & Realtors, each one of our Realtors has the support and tools to be effective in their market.
If you would like to learn more about the difference VISION makes, please give us a call at 416-321-2228 or visit moveuptoroyallepage.com.