GTA REALTORS(R) Release Condo Market Report

April 16, 2013 — Greater Toronto Area REALTORS reported 4,133 condo loft sales through the TorontoMLS system during quarter 1 of 2013. This result was down by approximately 17 % in comparison to quarter one of 2012.

New lists of condo apartments were also down on a year-over-basis in the first quarter, but by a lesser yearly rate of 5 %.

"Buyers benefitted from a large amount of choice in the apartment market in the first quarter, especially contrasted to low-rise home types. This being said, the proven fact that new condo listings were down in the first quarter suggests that the market may become tighter moving forward. This could also rely on the timing and scale of future condo house completions," announced Toronto Real-estate Board President Ann Hannah.

The average price for first quarter condominium apartment sales was $332,846 down by 0.5 percent matched against the same period in 2012.

"With months of inventory high from a historic perspective, it makes sense that the average selling price for apartments edged lower over the last two quarters. Nonetheless March results were much more positive compared with the first quarter as a whole, with the average condo selling price up by 2 percent yearly for the GTA," announced Jason Mercer, TREB’s Senior Manager of Market Research.