Construction/Building — January 11, 2013

GTA REALTORS® Release Fourth Quarter Condo Market Report

TORONTO, ONTARIO--(Marketwire - Jan. 11, 2013) - Greater Toronto REALTORS® reported 3,830 condominium apartment sales through the TorontoMLS system during the fourth quarter of 2012. This number represented a decline of 23 per cent compared to 5,005 sales during the same time period in 2011.

The average selling price for condominium apartments in the fourth quarter was $332,410 - down by one per cent compared to the fourth quarter of 2011.

"The condominium apartment market was the best supplied market segment in 2012. Strong condo apartment completions in 2011 and the first few months of 2012 resulted in a substantial number of new listings on the TorontoMLS system last year. With more units for buyers to choose from, the annual rate of price growth moderated," said Toronto Real Estate Board (TREB) President Ann Hannah.

In the condominium apartment rental market, transactions rose by almost 13 per cent year-over- year in the fourth quarter, while the number of units listed for rent increased by over 17 per cent. Average rents were up on a year-over-year basis for one-bedroom and two-bedroom apartments.

"While some first-time buyers put their decision to purchase on hold in the fourth quarter, many of these people chose to rent a condominium apartment instead. Similar to the ownership market, strong new condo completions prompted a considerable increase in the number of investor-held units offered for rent. However, there was still enough competition between renters to prompt upward pressure on average rents," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Condominium Apartment Market Summary

Fourth Quarter 2012

2012 2011
Sales Average Price Sales Average Price
Total TREB 3,830 $332,410 5,005 $336,283
Halton Region 76 $351,161 82 $311,116
Peel Region 535 $252,269 756 $251,054
City of Toronto 2,772 $352,030 3,580 $360,884
York Region 338 $327,892 484 $318,516
Durham Region 104 $223,973 91 $210,594
Other Areas 5 $305,800 12 $208,042

Greater Toronto REALTORS® are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 35,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contact Information

Media Inquiries: Toronto Real Estate Board
Mary Gallagher
Senior Manager Public Affairs
(416) 443-8158
maryg@trebnet.com

Twitter: www.twitter.com/TREBhome
Facebook: www.facebook.com/TorontoRealEstateBoard
YouTube: www.youtube.com/TREBChannel

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