For the first quarter of 2013, the GTA’s much-watched condo market showed significantly slower sales compared to the year before. But prices remained relatively steady – especially in Peel and Durham – according to new numbers released by the Toronto Real Estate Board.
Altogether, the first quarter saw 4,133 sales in the first quarter, an approximately 17 per cent drop from the same time in 2012. New listings also dropped in the first quarter, but by a lesser annual rate of five per cent.
“The fact that new condo listings were down in the first quarter suggests that the market may become tighter moving forward. This will also depend on the timing and scale of future condo apartment completions,” said Toronto Real Estate Board President Ann Hannah in the news release.
Prices of condos didn’t see the same drop in sales. The average price in the first quarter was $332,846 – down by 0.5 per cent compared to 2012.
Regionally, condos in the 905 saw an uptick in prices. In Peel, the first quarter of 2012 saw prices average in at $246,855. But this year, that number rose by roughly to 5.2 per cent to $259,656. And Durham Region saw prices rise by 6.1 per cent to $221,901
Though the overall numbers for the GTA aren’t exactly stellar for the first quarter, TREB pointed out the March market showed an overall uptick.
“With months of inventory high from a historic perspective, it makes sense that the average selling price for condos edged lower over the past two quarters.
“However, March results were much more positive compared to the first quarter as a whole, with the average condo selling price up by two per cent annually for the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
For more details, see the chart below…