In the third quarter, condo sales in the GTA were up 18 per cent compared to the same time last year according to new numbers from the Toronto Real Estate Board (TREB). The City of Toronto took the lion’s share, accounting for 72 per cent of condo transactions and seeing sales spike by 19.5 per cent from 2012.
The average price of a condo in the region grew by 1.9 per cent to $333,846 in the third quarter of 2013.
New listings were down by 1 per cent and active listings fell by 4 per cent, year-over-year.
“We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
The condo rental market continued to feel pressure with the rental transactions increasing by a greater rate than the number of units listed for rent.
For more details, see the charts below…