Condo apartment sales January 2013

spacer.gifspacer.gifCondo Market Well Supplied in Fourth Quarter .

TORONTO, January 11, 2013 Larger Toronto REALTORS reported 3,830
Condo apartment sales through the TorontoMLS system during the fourth Quarter of 2012. This number represented a decline of 23 per cent compared with 5,005 sales in the same period of time in 2011. The average selling price for condo residences in quarter four was $332,410 down by one % compared to the 4th quarter of 2011. "The condo apartment|flat|studio} market was the best supplied market segment in 2012.
With more units for customers to select from, the once a year rate of price growth
Moderated," recounted Toronto Property Board ( TREB ) President Ann Hannah. Strong condo apartment completions in 2011 and the first few months of 2012 ended in a serious number of new lists on the TorontoMLS system last year.
In the condominium apartment rental market, transactions rose by nearly Thirteen per Cent year-over-year in the 4th quarter, while the number of units listed to rent Increased by about 17 percent. Similar to the possession market, strong new condo completions pushed a substantial increase in the quantity of investor-held units offered to rent. Average leases were up on a year-over-year basis for One-bedroom and two-bedroom apartments. Nonetheless
there had been still enough competition between renters to prompt upward pressure on Average rents," claimed Jason Mercer, TREB’s Senior Chief of Market Research.