GTA REALTORS(R) Release Q2 Condominium Market Figures
/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 07/21/16 -- Toronto Real Estate Board President Larry Cerqua announced another very strong quarter for condominium apartment sales in Q2 2016. Greater Toronto Area REALTORS® reported 8,965 condo apartment sales between the beginning of April and end of June. This result represented an increase of 17.4 per cent in comparison to the same period in 2015.
"TREB REALTOR® Members are involved in all aspects of the condominium apartment market in the Greater Toronto Area, from working with buyers at the pre-construction stage of development through to the resale or rental of existing units. While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory. Over the past year, we have actually experienced tighter market conditions and accelerating annual rates of price growth," said Mr. Cerqua.
The average selling price of a condominium apartment in Q2 2016 was $415,326 - up 7.1 per cent compared to Q2 2015. The MLS® Home Price Index apartment benchmark price was up by a similar 7.9 per cent at the end of June.
"Similar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year. Seller's market conditions exist for condominium apartments in many parts of the GTA including Toronto's downtown core. This is why we are seeing average price growth well-above the rate of inflation," said Jason Mercer, TREB's Director of Market Analysis.
Condominium Apartment Market Summary
Second Quarter 2016
2016 2015
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Sales Average Price Sales Average Price
Total TREB 8,965 $415,326 7,637 $387,814
Halton Region 294 $440,877 235 $360,981
Peel Region 1,178 $304,055 1,035 $277,643
City of Toronto 6,306 $442,692 5,355 $416,286
York Region 987 $390,038 835 $375,209
Durham Region 182 $299,216 166 $266,620
Other Areas 18 $253,300 11 $252,409
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Source: Toronto Real Estate Board
Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state- of-the-art Multiple Listing Service. Over 45,000 residential and commercial TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.
Contacts:
Media Inquiries:
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com
www.TREBhome.com
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