downtown condo wave

The newly released mid-month figures for the GTA continue the wave of sales seen in September with condos leading for both sales and price gains. According to the Toronto Real Estate Board (TREB), the first two weeks of the month saw 3,460 sales, up 21 per cent from the year before. Sales were also up by 13 per cent, compared to the 10-year average.

Condos sales across the GTA were up by 24.7 per cent with the 905 region leading the way with a 31.8 boost in transactions (Toronto-proper measured a 22 per cent bump). Townhouses followed closely behind with a 21.7 per cent increase overall, though the 416 saw the bigger gain with a 24.6 per cent increase, followed closely by the 905’s boost of 20.8 per cent. Detached houses still prove to be a hot commodity in Toronto-proper, which saw an impressive 28.7 per cent jump in prices while the outside the city, detached sales were up by 18.1 per cent (overall, GTA detached houses rose by 21.1 per cent).

Prices also ballooned with the average price of a GTA home now sitting at $536,301 – up 7.3 per cent compared to the same period in 2012. The biggest gainer? Condos again, which saw a 10.4 bump, rising to a new average of $368,945. Detached houses followed, increasing by 7.4 per cent to an average of $673,915. Townhouses recorded a 6.9 per cent rise to $401,871 and semi-detached homes were up by 6.7 per cent to $500,208.

“Price growth has been stronger in the second half of 2013, as sales growth has outstripped growth in listings.  There have been more buyers competing for available properties compared to the first half of the year, which has led to increased upward pressure on average selling prices,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.

For more details, check out the table below…

TREB mid-month Oct 2013

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