Condominium sales in the GTA were responsible were about a quarter of all resale transactions in Q3 this year. This is expected to increase to even more in the upcoming year. Not surprising, considering there are new condo buildings going up on almost every other block!
GTA reported 5,770 condo apartment transactions in Q3 2011, a 24% increase compared to Q3 2010. The average selling price was $333,352 which represents a 9% increase from the same period last year. Condominium apartment completions have been high so far this year. Usually, by the time these projects are completed, investors’ and owners’ needs change causing them to sell or rent, which could account for a large number of the condo transactions.
According to Jason Mercer, TREB’s Senior Manager of Market Analysis, “The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers’ market conditions in place.”
Condo Apartment Market Overview
|
2011 |
2010 | |||
|
Sales |
Avg Price | Sales | Avg Price | |
| Total TREB | 5,770 | $333,352 | 4,648 |
$306,134 |
|
Halton Region |
88 | $296,067 | 62 | $255,024 |
|
Peel Region |
875 | $253,246 | 744 |
$229,831 |
| City of Toronto | 4,156 | $356,182 | 3,298 |
$329,917 |
|
York Region |
539 | $319,399 | 445 | $287,337 |
| Durham Region | 101 | $201,503 | 84 |
$201,978 |
| Other Areas | 11 | $272,455 | 15 |
$213,703 |
Click Here for the Full TREB Condo Market Report
Sutton Group Admiral Realty Inc., Brokerage 