Greater Toronto Area realtors reported 6,407 condominium apartment sales through the Toronto Real Estate Board’s (TREB) MLS system during the third quarter of 2019. This number is up by 11.1 per cent compared to the third quarter of 2018.
New listings of condominium apartments were at 9,538, down by one per cent year-over-year in the third quarter.
One factor underpinning this dip may be that, according to CMHC data, new condominium apartment completions were down year-to-date through August relative to the same time frame in 2018. This may have translated into fewer investor-owned units being listed for sale.
“As economic conditions continue to be favourable for job growth in the Greater Toronto Area, people have continued to come to the city for work,” says TREB president Michael Collins. “Home ownership is important to many Canadians, and, as a relatively affordable housing option, condos in the GTA offer prospective buyers the chance to achieve their dreams of owning property.”
The average price for third quarter condominium apartment sales was $584,564 – up 5.8 per cent compared to the same period in 2018.
“Condominium apartments are obviously a popular choice amongst first-time home-buyers,” said TREB’s chief market analyst Jason Mercer. “Moreover, it is also important to remember that condominium apartments owned by investors represent a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade. With this in mind, a well-supplied condo segment will be important moving forward to ensure that we can keep up with population growth driven by a strong and diverse regional economy,”