TORONTO, October Sixteen, 2012 Bigger Toronto Area REALTORS reported 4,541 condominium loft sales through the TorontoMLS system in the 3rd quarter of 2012. This result represented a 20.5 % decline in transactions compared to quarter three of 2011. Over the same period, the amount of new listings was up by at least 6.5 percent to 11,456.
“The condominium flat market was the best supplied market segment in quarter three of the present year. Robust condominium flat completions in 2011 and the initial half of 2012 ended in many investor-held units listed for sale. At the exact same time, sales dropped off relative to last year as some buyers moved to the sidelines as tougher mortgage lending guiding principles resulted in increased costs of home ownership,” asserted Toronto Real estate Board ( TREB ) President Ann Hannah.
The average selling price for condo residences in the third quarter, at $334,204, was flat compared to the same period last year. The result was small upward pressure on average selling price compared with last year.
“With more listings to make a choice from and less sales, apartment buyers haven’t been as aggressive with regard to offers, and sellers have had to price their units competitively. Given the provision of listings now in the market, the average rate of price growth for apartment residences should continue to lag price growth for low-rise home types over the next year,” expounded Jason Mercer, TREB’s Senior Manager of Market Analysis.