Condo Prices Grow at Moderate Pace in Q2
Toronto, July 18, 2012 — Greater Toronto REALTORS reported 6,435 condominium apartment transactions during the second quarter of 2012 down by 2.6 per cent compared to 6,609 transactions reported in the second quarter of 2011. New listings for condominium apartments were up substantially on a year-over-year basis, climbing by 19 per cent in comparison to 2011.
The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and
ultimately more choice for buyers, said Toronto Real Estate Board President Ann Hannah. The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.
The average price for second quarter condominium apartment sales was $342,212, representing a 3.2 per cent increase over the same period in 2011.
Sellers seemed to be well-aware of condo market conditions in the second quarter. On average, units were priced in line with buyer expectations, with apartments selling for 98 per cent of the asking price in less than a months time, said Jason Mercer, TREBs Senior Manager of Market Analysis.