Market Watch – Q2 GTA Condo Prices Up 1.7%
The Toronto Real Estate Board has just released their latest Condo report for Q2 of 2013. There were 5,984 condominium transaction sales that were reported through the TorontoMLS system which was down about 6% in Q2 of 2012, while active listings were up by 2.5% and new condo listings on the market were down by more than 4%. Given this data, the condo market has fared quite well even with all the speculation of a bubble burst or correction that is to happen with what people consider a over-supply of units in the market, being completed or under construction.
The average selling price for condo’s has increased by 1.7% from the same period in 2012 to $347,896. It was also reported that the MLS® Home Price Index (HPI) apartment benchmark price was also up by approximately one per cent over the same period.
“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,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
With interest rates still quite low and banks still willing to lend, this lends support the growth of the condo prices.
|Condominium Apartment Market Summary – Second Quarter|
|Sales||Average Price||Sales||Average Price|
|City of Toronto||4,281||$372,805||4,486||$364,342|
To see the full new’s release, please click the following link: TREB News Release Condo Report Q2-2013
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